UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09253
Wells Fargo Funds Trust
(Exact name of registrant as specified in charter)
525 Market St., San Francisco, CA 94105
(Address of principal executive offices) (Zip code)
Catherine Kennedy
Wells Fargo Funds Management, LLC
525 Market St., San Francisco, CA 94105
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-222-8222
Date of fiscal year end: March 31
Registrant is making a filing for 7 of its series:
Wells Fargo Small Cap Fund, Wells Fargo Disciplined Small Cap Fund, Wells Fargo Special Small Cap Value Fund, Wells Fargo Fundamental Small Cap Growth Fund, Wells Fargo Precious Metals Fund, Wells Fargo Specialized Technology Fund, and Wells Fargo Utility and Telecommunications Fund;
Date of reporting period: March 31, 2021
ITEM 1. | REPORT TO STOCKHOLDERS |
2 | |
6 | |
10 | |
11 | |
Financial statements | |
16 | |
17 | |
18 | |
19 | |
24 | |
31 | |
32 |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
6 | The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
President
Wells Fargo Funds
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management Incorporated |
Portfolio managers | Christopher G. Miller, CFA®‡, Theran Motl, CFA®‡ |
Average annual total returns (%) as of March 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (WFSMX) | 3-31-2008 | 80.18 | 10.23 | 8.87 | 91.20 | 11.54 | 9.51 | 1.60 | 1.23 | ||
Class C (WSCDX) | 3-31-2008 | 88.74 | 10.70 | 8.69 | 89.74 | 10.70 | 8.69 | 2.35 | 1.98 | ||
Class R6 (WFSJX)3 | 5-29-2020 | – | – | – | 92.24 | 11.97 | 9.96 | 1.17 | 0.80 | ||
Administrator Class (WFSDX) | 4-8-2005 | – | – | – | 91.48 | 11.70 | 9.71 | 1.52 | 1.15 | ||
Institutional Class (WFSSX) | 4-8-2005 | – | – | – | 91.87 | 11.93 | 9.94 | 1.27 | 0.90 | ||
Russell 2000® Index4 | – | – | – | – | 94.85 | 16.35 | 11.68 | – | – | ||
Russell 2000® Value Index5 | – | – | – | – | 97.05 | 13.56 | 10.06 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through July 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.23% for Class A, 1.98% for Class C, 0.80% for Class R6, 1.15% for Administrator Class, and 0.90% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
4 | Effective February 15, 2021, the Fund replaced the Russell 2000® Value Index with the Russell 2000® Index in order to better align with the Fund’s principal investment strategy. The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 8% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index. |
5 | The Russell 2000® Value Index measures the performance of those Russell 2000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
1 | The chart compares the performance of Class A shares for the most recent ten years with the Russell 2000® Index and the Russell 2000® Value Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund switched its primary benchmark to the Russell 2000® Index, which was formerly its secondary benchmark, to better reflect the stated investment process, style, and opportunity set. The primary benchmark was previously the Russell 2000® Value Index. The Fund underperformed its benchmark, the Russell 2000® Index, for the 12-month period that ended March 31, 2021. |
■ | Stock selection and allocation in the real estate and consumer discretionary sectors were the largest detractors from performance relative to the benchmark. |
■ | Stock selection in the industrials and financials sectors were the largest contributors to relative performance. |
Ten largest holdings (%) as of March 31, 20211 | |
Masonite International Corporation | 2.47 |
SPX Corporation | 2.37 |
LivaNova plc | 2.19 |
Integer Holdings Corporation | 2.11 |
AngioDynamics Incorporated | 2.03 |
Air Lease Corporation | 1.93 |
CoreSite Realty Corporation | 1.79 |
Armstrong World Industries Incorporated | 1.75 |
STAG Industrial Incorporated | 1.72 |
Nomad Foods Limited | 1.70 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of March 31, 20211 |
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 10-1-2020 | Ending account value 3-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,423.77 | $ 7.86 | 1.30% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.45 | $ 6.54 | 1.30% |
Class C | ||||
Actual | $1,000.00 | $1,418.33 | $12.48 | 2.07% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,014.61 | $10.40 | 2.07% |
Class R6 | ||||
Actual | $1,000.00 | $1,428.27 | $ 5.27 | 0.87% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.59 | $ 4.38 | 0.87% |
Administrator Class | ||||
Actual | $1,000.00 | $1,424.13 | $ 7.19 | 1.19% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.00 | $ 5.99 | 1.19% |
Institutional Class | ||||
Actual | $1,000.00 | $1,426.02 | $ 5.87 | 0.97% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.09 | $ 4.89 | 0.97% |
Shares | Value | ||||
Common stocks: 98.22% | |||||
Communication services: 0.88% | |||||
Interactive media & services: 0.88% | |||||
Eventbrite Incorporated Class A † | 24,392 | $ 540,527 | |||
Consumer discretionary: 11.55% | |||||
Auto components: 2.44% | |||||
Dana Incorporated | 33,844 | 823,425 | |||
Gentherm Incorporated † | 9,141 | 677,440 | |||
1,500,865 | |||||
Diversified consumer services: 2.09% | |||||
Houghton Mifflin Harcourt Company † | 49,684 | 378,592 | |||
Service Corporation International | 17,785 | 907,924 | |||
1,286,516 | |||||
Hotels, restaurants & leisure: 2.44% | |||||
Jack In The Box Incorporated | 7,640 | 838,719 | |||
Planet Fitness Incorporated Class A † | 5,880 | 454,524 | |||
Playa Hotels & Resorts NV † | 28,573 | 208,583 | |||
1,501,826 | |||||
Internet & direct marketing retail: 2.36% | |||||
Revolve Group Incorporated † | 18,473 | 829,992 | |||
The RealReal Incorporated † | 27,355 | 619,044 | |||
1,449,036 | |||||
Specialty retail: 1.49% | |||||
National Vision Holdings Incorporated † | 20,833 | 913,110 | |||
Textiles, apparel & luxury goods: 0.73% | |||||
Carter's Incorporated † | 5,045 | 448,652 | |||
Consumer staples: 4.45% | |||||
Food products: 3.96% | |||||
Nomad Foods Limited † | 38,035 | 1,044,441 | |||
The Simply Good Foods Company † | 26,438 | 804,244 | |||
TreeHouse Foods Incorporated † | 11,232 | 586,760 | |||
2,435,445 | |||||
Personal products: 0.49% | |||||
e.l.f. Beauty Incorporated † | 11,326 | 303,877 | |||
Financials: 14.04% | |||||
Banks: 6.83% | |||||
Ameris Bancorp | 10,564 | 554,716 | |||
Pinnacle Financial Partners Incorporated | 8,131 | 720,894 | |||
Sterling Bancorp | 22,721 | 523,037 | |||
United Community Bank | 13,982 | 477,066 | |||
Veritex Holdings Incorporated | 19,097 | 624,854 | |||
Webster Financial Corporation | 12,409 | 683,860 | |||
Wintrust Financial Corporation | 8,136 | 616,709 | |||
4,201,136 |
Shares | Value | ||||
Capital markets: 1.16% | |||||
Raymond James Financial Incorporated | 5,828 | $ 714,280 | |||
Insurance: 4.37% | |||||
Axis Capital Holdings Limited | 16,583 | 822,019 | |||
CNO Financial Group Incorporated | 22,684 | 550,994 | |||
First American Financial Corporation | 9,285 | 525,995 | |||
Reinsurance Group of America Incorporated | 6,262 | 789,325 | |||
2,688,333 | |||||
Thrifts & mortgage finance: 1.68% | |||||
Essent Group Limited | 21,658 | 1,028,538 | |||
Health care: 14.50% | |||||
Biotechnology: 3.16% | |||||
ACADIA Pharmaceuticals Incorporated † | 6,355 | 163,959 | |||
Acceleron Pharma Incorporated † | 856 | 116,082 | |||
Agios Pharmaceuticals Incorporated † | 3,492 | 180,327 | |||
Arena Pharmaceuticals Incorporated † | 2,880 | 199,843 | |||
Atara Biotherapeutics Incorporated † | 7,751 | 111,304 | |||
bluebird bio Incorporated † | 2,111 | 63,647 | |||
Coherus Biosciences Incorporated † | 11,574 | 169,096 | |||
Insmed Incorporated † | 5,437 | 185,184 | |||
Mirati Therapeutics Incorporated † | 1,006 | 172,328 | |||
Neurocrine Biosciences Incorporated † | 3,077 | 299,238 | |||
Sage Therapeutics Incorporated † | 2,133 | 159,655 | |||
Zymeworks Incorporated † | 3,831 | 120,983 | |||
1,941,646 | |||||
Health care equipment & supplies: 9.11% | |||||
AngioDynamics Incorporated † | 53,297 | 1,247,150 | |||
Haemonetics Corporation † | 5,920 | 657,179 | |||
Integer Holdings Corporation † | 14,075 | 1,296,308 | |||
LivaNova plc † | 18,267 | 1,346,826 | |||
Mesa Laboratories Incorporated | 659 | 160,467 | |||
Neuronetics Incorporated † | 20,189 | 249,738 | |||
Teleflex Incorporated | 1,560 | 648,118 | |||
5,605,786 | |||||
Life sciences tools & services: 1.90% | |||||
Bruker Corporation | 13,564 | 871,894 | |||
Codexis Incorporated † | 12,890 | 295,052 | |||
1,166,946 | |||||
Pharmaceuticals: 0.33% | |||||
Theravance Biopharma Incorporated † | 10,048 | 205,080 | |||
Industrials: 18.74% | |||||
Building products: 4.65% | |||||
Armstrong World Industries Incorporated | 11,938 | 1,075,494 | |||
Masonite International Corporation † | 13,161 | 1,516,674 | |||
Tecnoglass Incorporated | 22,150 | 266,243 | |||
2,858,411 |
Shares | Value | ||||
Commercial services & supplies: 2.32% | |||||
Interface Incorporated | 40,628 | $ 507,037 | |||
Stericycle Incorporated † | 13,662 | 922,322 | |||
1,429,359 | |||||
Construction & engineering: 1.69% | |||||
APi Group Corporation 144A† | 50,196 | 1,038,053 | |||
Electrical equipment: 0.75% | |||||
Atkore International Incorporated † | 6,449 | 463,683 | |||
Machinery: 4.01% | |||||
Albany International Corporation Class A | 3,253 | 271,528 | |||
ITT Incorporated | 8,148 | 740,735 | |||
SPX Corporation † | 24,983 | 1,455,759 | |||
2,468,022 | |||||
Professional services: 0.61% | |||||
ASGN Incorporated † | 3,941 | 376,129 | |||
Road & rail: 1.51% | |||||
Ryder System Incorporated | 12,250 | 926,713 | |||
Trading companies & distributors: 3.20% | |||||
Air Lease Corporation | 24,150 | 1,183,350 | |||
Herc Holdings Incorporated † | 7,723 | 782,572 | |||
1,965,922 | |||||
Information technology: 20.65% | |||||
Communications equipment: 0.63% | |||||
Infinera Corporation † | 40,313 | 388,214 | |||
Electronic equipment, instruments & components: 2.43% | |||||
Avnet Incorporated | 15,727 | 652,828 | |||
Littelfuse Incorporated | 3,182 | 841,448 | |||
1,494,276 | |||||
IT services: 3.50% | |||||
EVO Payments Incorporated Class A † | 32,542 | 895,556 | |||
Paya Holdings Incorporated Class A †« | 41,673 | 456,736 | |||
WNS Holdings Limited ADR † | 11,025 | 798,651 | |||
2,150,943 | |||||
Semiconductors & semiconductor equipment: 2.51% | |||||
Brooks Automation Incorporated | 7,741 | 632,053 | |||
Macom Technology Solutions † | 15,657 | 908,419 | |||
1,540,472 | |||||
Software: 11.58% | |||||
8x8 Incorporated † | 24,887 | 807,331 | |||
Benefitfocus Incorporated † | 21,933 | 302,895 | |||
Cloudera Incorporated † | 71,983 | 876,033 | |||
CommVault Systems Incorporated † | 8,519 | 549,476 | |||
Medallia Incorporated † | 31,856 | 888,464 | |||
Mimecast Limited † | 15,742 | 632,986 | |||
New Relic Incorporated † | 5,067 | 311,519 |
Shares | Value | ||||
Software (continued) | |||||
Pagerduty Incorporated † | 14,677 | $ 590,456 | |||
Q2 Holdings Incorporated † | 4,780 | 478,956 | |||
SPS Commerce Incorporated † | 8,255 | 819,804 | |||
Zendesk Incorporated † | 6,512 | 863,621 | |||
7,121,541 | |||||
Materials: 5.64% | |||||
Chemicals: 2.94% | |||||
Ashland Global Holdings Incorporated | 8,280 | 735,016 | |||
Quaker Chemical Corporation | 1,255 | 305,931 | |||
Westlake Chemical Corporation | 8,591 | 762,795 | |||
1,803,742 | |||||
Containers & packaging: 1.50% | |||||
Silgan Holdings Incorporated | 21,965 | 923,189 | |||
Metals & mining: 1.20% | |||||
Reliance Steel & Aluminum Company | 4,855 | 739,368 | |||
Real estate: 7.77% | |||||
Equity REITs: 7.77% | |||||
American Homes 4 Rent Class A | 27,964 | 932,320 | |||
CoreSite Realty Corporation | 9,201 | 1,102,740 | |||
Four Corners Property Trust Incorporated | 32,940 | 902,556 | |||
Healthcare Realty Trust Incorporated | 25,860 | 784,075 | |||
STAG Industrial Incorporated | 31,462 | 1,057,438 | |||
4,779,129 | |||||
Total Common stocks (Cost $46,943,665) | 60,398,765 |
Exchange-traded funds: 0.86% | |||||
SPDR S&P Biotech ETF « | 3,921 | 531,884 | |||
Total Exchange-traded funds (Cost $636,308) | 531,884 |
Yield | |||||
Short-term investments: 2.54% | |||||
Investment companies: 2.54% | |||||
Securities Lending Cash Investments LLC ♠∩∞ | 0.04% | 668,925 | 668,925 | ||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03 | 893,581 | 893,581 | ||
Total Short-term investments (Cost $1,562,506) | 1,562,506 | ||||
Total investments in securities (Cost $49,142,479) | 101.62% | 62,493,155 | |||
Other assets and liabilities, net | (1.62) | (998,653) | |||
Total net assets | 100.00% | $61,494,502 |
† | Non-income-earning security |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | % of net assets | Shares, end of period | Income from affiliated securities | ||||
Short-term investments | ||||||||||||
Investment companies | ||||||||||||
Securities Lending Cash Investments LLC | $ 0 | $ 9,905,005 | $ (9,236,080) | $0 | $0 | $ 668,925 | 668,925 | $175 # | ||||
Wells Fargo Government Money Market Fund Select Class | 632,764 | 12,998,099 | (12,737,282) | 0 | 0 | 893,581 | 893,581 | 442 | ||||
$0 | $0 | $1,562,506 | 2.54% | $617 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $675,073 of securities loaned), at value (cost $47,579,973) | $ 60,930,649 |
Investments in affiliated securites, at value (cost $1,562,506) | 1,562,506 |
Receivable for investments sold | 513,851 |
Receivable for dividends | 45,925 |
Receivable for Fund shares sold | 18,377 |
Receivable for securities lending income, net | 627 |
Prepaid expenses and other assets | 32,673 |
Total assets | 63,104,608 |
Liabilities | |
Payable for investments purchased | 835,808 |
Payable upon receipt of securities loaned | 668,925 |
Payable for Fund shares redeemed | 35,577 |
Management fee payable | 24,299 |
Administration fees payable | 9,889 |
Trustees’ fees and expenses payable | 2,223 |
Distribution fee payable | 75 |
Accrued expenses and other liabilities | 33,310 |
Total liabilities | 1,610,106 |
Total net assets | $61,494,502 |
Net assets consist of | |
Paid-in capital | $ 40,336,111 |
Total distributable earnings | 21,158,391 |
Total net assets | $61,494,502 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 46,580,284 |
Shares outstanding – Class A1 | 1,233,226 |
Net asset value per share – Class A | $37.77 |
Maximum offering price per share – Class A2 | $40.07 |
Net assets – Class C | $ 111,680 |
Shares outstanding – Class C1 | 3,265 |
Net asset value per share – Class C | $34.21 |
Net assets – Class R6 | $ 935,946 |
Shares outstanding – Class R61 | 23,717 |
Net asset value per share – Class R6 | $39.46 |
Net assets – Administrator Class | $ 465,871 |
Shares outstanding – Administrator Class1 | 12,048 |
Net asset value per share – Administrator Class | $38.67 |
Net assets – Institutional Class | $ 13,400,721 |
Shares outstanding – Institutional Class1 | 341,066 |
Net asset value per share – Institutional Class | $39.29 |
1 | The Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends (net of foreign withholdings taxes of $137) | $ 521,076 |
Income from affiliated securities | 3,422 |
Total investment income | 524,498 |
Expenses | |
Management fee | 415,911 |
Administration fees | |
Class A | 79,057 |
Class C | 273 |
Class R6 | 173 1 |
Administrator Class | 721 |
Institutional Class | 13,030 |
Shareholder servicing fees | |
Class A | 93,938 |
Class C | 323 |
Administrator Class | 1,382 |
Distribution fee | |
Class C | 970 |
Custody and accounting fees | 15,936 |
Professional fees | 41,355 |
Registration fees | 66,262 |
Shareholder report expenses | 27,138 |
Trustees’ fees and expenses | 19,425 |
Other fees and expenses | 10,868 |
Total expenses | 786,762 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (168,996) |
Class A | (6,672) |
Administrator Class | (372) |
Institutional Class | (2,068) |
Net expenses | 608,654 |
Net investment loss | (84,156) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 8,195,099 |
Net change in unrealized gains (losses) on investments | 22,426,580 |
Net realized and unrealized gains (losses) on investments | 30,621,679 |
Net increase in net assets resulting from operations | $30,537,523 |
1 | For the period from May 29, 2020 (commencement of class operations) to March 31, 2021 |
Year ended March 31, 2021 | Year ended March 31, 2020 | |||
Operations | ||||
Net investment income (loss) | $ (84,156) | $ 93,835 | ||
Net realized gains on investments | 8,195,099 | 184,406 | ||
Net change in unrealized gains (losses) on investments | 22,426,580 | (16,937,972) | ||
Net increase (decrease) in net assets resulting from operations | 30,537,523 | (16,659,731) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (35,117) | (2,809,650) | ||
Class C | 0 | (23,865) | ||
Class R6 | (2,355) 1 | N/A | ||
Administrator Class | (1,270) | (69,935) | ||
Institutional Class | (55,258) | (1,153,479) | ||
Total distributions to shareholders | (94,000) | (4,056,929) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 53,590 | 1,610,309 | 34,452 | 998,637 |
Class C | 566 | 16,703 | 1,060 | 29,122 |
Class R6 | 29,573 1 | 831,915 1 | N/A | N/A |
Administrator Class | 2,281 | 76,786 | 18,871 | 596,345 |
Institutional Class | 49,452 | 1,722,335 | 25,429 | 745,734 |
4,258,048 | 2,369,838 | |||
Reinvestment of distributions | ||||
Class A | 999 | 33,896 | 88,486 | 2,713,873 |
Class C | 0 | 0 | 780 | 21,882 |
Class R6 | 64 1 | 2,263 1 | N/A | N/A |
Administrator Class | 33 | 1,137 | 2,048 | 64,270 |
Institutional Class | 996 | 35,109 | 15,704 | 500,987 |
72,405 | 3,301,012 | |||
Payment for shares redeemed | ||||
Class A | (193,021) | (5,538,418) | (205,793) | (6,016,656) |
Class C | (7,825) | (178,870) | (10,118) | (284,633) |
Class R6 | (5,920) 1 | (198,400) 1 | N/A | N/A |
Administrator Class | (12,507) | (426,084) | (36,385) | (1,131,472) |
Institutional Class | (258,725) | (5,997,728) | (174,691) | (5,578,624) |
(12,339,500) | (13,011,385) | |||
Net decrease in net assets resulting from capital share transactions | (8,009,047) | (7,340,535) | ||
Total increase (decrease) in net assets | 22,434,476 | (28,057,195) | ||
Net assets | ||||
Beginning of period | 39,060,026 | 67,117,221 | ||
End of period | $ 61,494,502 | $ 39,060,026 |
1 | For the period from May 29, 2020 (commencement of class operations) to March 31, 2021 |
Year ended March 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $19.77 | $30.27 | $31.46 | $28.92 | $23.49 |
Net investment income (loss) | (0.07) 1 | 0.02 1 | (0.04) 1 | (0.08) 1 | (0.15) 1 |
Net realized and unrealized gains (losses) on investments | 18.10 | (8.43) | (1.15) | 2.62 | 5.71 |
Total from investment operations | 18.03 | (8.41) | (1.19) | 2.54 | 5.56 |
Distributions to shareholders from | |||||
Net investment income | (0.03) | 0.00 | 0.00 | 0.00 | (0.13) |
Net realized gains | 0.00 | (2.09) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.03) | (2.09) | 0.00 | 0.00 | (0.13) |
Net asset value, end of period | $37.77 | $19.77 | $30.27 | $31.46 | $28.92 |
Total return2 | 91.20% | (30.24)% | (3.78)% | 8.78% | 23.68% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.68% | 1.60% | 1.54% | 1.54% | 1.48% |
Net expenses | 1.32% | 1.33% | 1.35% | 1.35% | 1.35% |
Net investment income (loss) | (0.24)% | 0.05% | (0.11)% | (0.26)% | (0.57)% |
Supplemental data | |||||
Portfolio turnover rate | 55% | 41% | 34% | 27% | 142% |
Net assets, end of period (000s omitted) | $46,580 | $27,115 | $44,028 | $50,993 | $52,817 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended March 31 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $18.03 | $27.98 | $29.30 | $27.14 | $22.11 |
Net investment loss | (0.23) 1 | (0.20) 1 | (0.25) 1 | (0.28) 1 | (0.39) 1 |
Net realized and unrealized gains (losses) on investments | 16.41 | (7.66) | (1.07) | 2.44 | 5.42 |
Total from investment operations | 16.18 | (7.86) | (1.32) | 2.16 | 5.03 |
Distributions to shareholders from | |||||
Net realized gains | 0.00 | (2.09) | 0.00 | 0.00 | 0.00 |
Net asset value, end of period | $34.21 | $18.03 | $27.98 | $29.30 | $27.14 |
Total return2 | 89.74% | (30.76)% | (4.51)% | 7.96% | 22.75% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 2.44% | 2.34% | 2.29% | 2.29% | 2.22% |
Net expenses | 2.09% | 2.10% | 2.10% | 2.10% | 2.10% |
Net investment loss | (0.94)% | (0.73)% | (0.85)% | (1.02)% | (1.52)% |
Supplemental data | |||||
Portfolio turnover rate | 55% | 41% | 34% | 27% | 142% |
Net assets, end of period (000s omitted) | $112 | $190 | $526 | $840 | $989 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended March 31 | |
Class R6 | 2021 1 |
Net asset value, beginning of period | $25.43 |
Net investment income | 0.03 2 |
Net realized and unrealized gains on investments | 14.09 |
Total from investment operations | 14.12 |
Distributions to shareholders from | |
Net investment income | (0.09) |
Net asset value, end of period | $39.46 |
Total return3 | 55.58% |
Ratios to average net assets (annualized) | |
Gross expenses | 1.23% |
Net expenses | 0.88% |
Net investment income | 0.09% |
Supplemental data | |
Portfolio turnover rate | 55% |
Net assets, end of period (000s omitted) | $936 |
1 | For the period from May 29, 2020 (commencement of class operations) to March 31, 2021 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
Year ended March 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $20.23 | $30.89 | $32.06 | $29.43 | $23.89 |
Net investment income (loss) | (0.01) 1 | 0.05 1 | 0.01 1 | (0.03) 1 | (0.10) 1 |
Net realized and unrealized gains (losses) on investments | 18.51 | (8.62) | (1.18) | 2.66 | 5.80 |
Total from investment operations | 18.50 | (8.57) | (1.17) | 2.63 | 5.70 |
Distributions to shareholders from | |||||
Net investment income | (0.06) | 0.00 | 0.00 | 0.00 | (0.16) |
Net realized gains | 0.00 | (2.09) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.06) | (2.09) | 0.00 | 0.00 | (0.16) |
Net asset value, end of period | $38.67 | $20.23 | $30.89 | $32.06 | $29.43 |
Total return | 91.48% | (30.15)% | (3.65)% | 8.94% | 23.86% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.61% | 1.51% | 1.46% | 1.46% | 1.40% |
Net expenses | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% |
Net investment income (loss) | (0.02)% | 0.17% | 0.05% | (0.10)% | (0.38)% |
Supplemental data | |||||
Portfolio turnover rate | 55% | 41% | 34% | 27% | 142% |
Net assets, end of period (000s omitted) | $466 | $450 | $1,165 | $1,347 | $4,355 |
1 | Calculated based upon average shares outstanding |
Year ended March 31 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $20.58 | $31.33 | $32.45 | $29.73 | $24.13 |
Net investment income (loss) | 0.02 1 | 0.12 1 | 0.08 1 | 0.03 1 | (0.07) 1 |
Net realized and unrealized gains (losses) on investments | 18.87 | (8.78) | (1.20) | 2.69 | 5.89 |
Total from investment operations | 18.89 | (8.66) | (1.12) | 2.72 | 5.82 |
Distributions to shareholders from | |||||
Net investment income | (0.18) | (0.00) 2 | 0.00 | 0.00 | (0.22) |
Net realized gains | 0.00 | (2.09) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.18) | (2.09) | 0.00 | 0.00 | (0.22) |
Net asset value, end of period | $39.29 | $20.58 | $31.33 | $32.45 | $29.73 |
Total return | 91.87% | (30.00)% | (3.45)% | 9.15% | 24.14% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.35% | 1.27% | 1.21% | 1.21% | 1.15% |
Net expenses | 0.98% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | 0.08% | 0.38% | 0.24% | 0.08% | (0.26)% |
Supplemental data | |||||
Portfolio turnover rate | 55% | 41% | 34% | 27% | 142% |
Net assets, end of period (000s omitted) | $13,401 | $11,305 | $21,398 | $28,032 | $59,991 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
Gross unrealized gains | $15,193,060 |
Gross unrealized losses | (2,175,493) |
Net unrealized gains | $13,017,567 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 540,527 | $0 | $0 | $ 540,527 |
Consumer discretionary | 7,100,005 | 0 | 0 | 7,100,005 |
Consumer staples | 2,739,322 | 0 | 0 | 2,739,322 |
Financials | 8,632,287 | 0 | 0 | 8,632,287 |
Health care | 8,919,458 | 0 | 0 | 8,919,458 |
Industrials | 11,526,292 | 0 | 0 | 11,526,292 |
Information technology | 12,695,446 | 0 | 0 | 12,695,446 |
Materials | 3,466,299 | 0 | 0 | 3,466,299 |
Real estate | 4,779,129 | 0 | 0 | 4,779,129 |
Exchange-traded funds | 531,884 | 0 | 0 | 531,884 |
Short-term investments | ||||
Investment companies | 1,562,506 | 0 | 0 | 1,562,506 |
Total assets | $62,493,155 | $0 | $0 | $62,493,155 |
Average daily net assets | Management fee |
First $500 million | 0.850% |
Next $500 million | 0.825 |
Next $1 billion | 0.800 |
Next $1 billion | 0.775 |
Next $1 billion | 0.750 |
Next $1 billion | 0.730 |
Next $5 billion | 0.720 |
Over $10 billion | 0.710 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.23% |
Class C | 1.98 |
Class R6 | 0.80 |
Administrator Class | 1.15 |
Institutional Class | 0.90 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Citigroup Global Markets Incorporated | $501,905 | $(491,175) | $10,730 |
UBS Securities LLC | 173,168 | (173,168) | 0 |
Year ended March 31 | ||
2021 | 2020 | |
Ordinary income | $94,000 | $ 920,762 |
Long-term capital gain | 0 | 3,136,167 |
Undistributed ordinary income | Undistributed long-term gain | Unrealized gains |
$1,081,981 | $7,058,843 | $13,017,567 |
Wells Fargo Funds Trust:
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status). | CIGNA Corporation |
Judith M. Johnson (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Michelle Rhee (Born 1966) | Chief Legal Officer, since 2019 | Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018. |
Catherine Kennedy (Born 1969) | Secretary, since 2019 | Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010. |
Michael H. Whitaker (Born 1967) | Chief Compliance Officer, since 2016 | Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016. |
P.O. Box 219967
Kansas City, MO 64121-9967
A242/AR242 03-21
Disciplined Small Cap Fund
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Financial statements | |
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
6 | The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
President
Wells Fargo Funds
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management Incorporated |
Portfolio managers | Justin P. Carr, CFA®‡, Robert M. Wicentowski, CFA®‡ |
Average annual total returns (%) as of March 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (WDSAX)3 | 7-31-2018 | 79.72 | 10.21 | 9.20 | 90.69 | 11.52 | 9.85 | 1.32 | 0.93 | ||
Class R6 (WSCJX)4 | 10-31-2016 | – | – | – | 90.71 | 11.60 | 9.93 | 0.89 | 0.50 | ||
Administrator Class (NVSOX) | 8-1-1993 | – | – | – | 90.04 | 11.33 | 9.76 | 1.24 | 0.85 | ||
Institutional Class (WSCOX)5 | 10-31-2014 | – | – | – | 90.34 | 11.59 | 9.93 | 0.99 | 0.60 | ||
Russell 2000® Index6 | – | – | – | – | 94.85 | 16.35 | 11.68 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through July 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.93% for Class A, 0.50% for Class R6, 0.85% for Administrator Class, and 0.60% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class A shares prior to their inception reflects the performance of the Administrator Class shares, and is adjusted to reflect the higher expenses and sales charges of the Class A shares. |
4 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
5 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns for the Institutional Class shares would be higher. |
6 | The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 8% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
1 | The chart compares the performance of Class A shares for the most recent ten years with the Russell 2000® Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund underperformed its benchmark, the Russell 2000® Index, for the 12-month period that ended March 31, 2021. |
■ | Negative stock selection detracted from relative performance within the consumer discretionary, industrials, and real estate sectors |
■ | The Fund benefited from positive stock selection in the financials, health care, and information technology (IT) sectors. |
Ten largest holdings (%) as of March 31, 20211 | |
Performance Food Group Company | 0.82 |
Penn National Gaming Incorporated | 0.81 |
MasTec Incorporated | 0.79 |
Stifel Financial Corporation | 0.76 |
Deckers Outdoor Corporation | 0.76 |
EMCOR Group Incorporated | 0.75 |
Ultra Clean Holdings Incorporated | 0.75 |
Atkore International Incorporated | 0.73 |
Cooper Tire & Rubber Company | 0.72 |
Builders FirstSource Incorporated | 0.72 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
1 | * This security was no longer held at the end of the reporting period. |
Sector allocation as of March 31, 20211 |
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 10-1-2020 | Ending account value 3-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,456.93 | $5.70 | 0.93% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.29 | $4.68 | 0.93% |
Class R6 | ||||
Actual | $1,000.00 | $1,455.19 | $3.06 | 0.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.44 | $2.52 | 0.50% |
Administrator Class | ||||
Actual | $1,000.00 | $1,452.71 | $5.20 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.69 | $4.28 | 0.85% |
Institutional Class | ||||
Actual | $1,000.00 | $1,453.19 | $3.67 | 0.60% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.94 | $3.02 | 0.60% |
Shares | Value | ||||
Common stocks: 95.45% | |||||
Communication services: 1.54% | |||||
Diversified telecommunication services: 0.17% | |||||
Ooma Incorporated † | 2,921 | $ 46,298 | |||
Interactive media & services: 0.29% | |||||
QuinStreet Incorporated † | 3,831 | 77,769 | |||
Media: 1.08% | |||||
AMC Networks Incorporated Class A † | 389 | 20,670 | |||
Entravision Communications Corporation Class A | 14,958 | 60,430 | |||
Gray Television Incorporated | 3,956 | 72,790 | |||
Nexstar Media Group Incorporated Class A | 898 | 126,106 | |||
TechTarget Incorporated † | 198 | 13,751 | |||
293,747 | |||||
Consumer discretionary: 12.90% | |||||
Auto components: 1.21% | |||||
Cooper Tire & Rubber Company | 3,511 | 196,546 | |||
Dana Incorporated | 5,421 | 131,893 | |||
328,439 | |||||
Automobiles: 0.02% | |||||
Workhorse Group Incorporated †« | 362 | 4,985 | |||
Diversified consumer services: 0.78% | |||||
Grand Canyon Education Incorporated † | 384 | 41,126 | |||
Perdoceo Education Corporation † | 5,866 | 70,157 | |||
Strategic Education Incorporated | 442 | 40,624 | |||
Stride Incorporated † | 1,995 | 60,069 | |||
211,976 | |||||
Hotels, restaurants & leisure: 2.72% | |||||
Bloomin' Brands Incorporated † | 4,374 | 118,317 | |||
Boyd Gaming Corporation † | 1,099 | 64,797 | |||
Brinker International Incorporated † | 1,379 | 97,992 | |||
International Game Technology | 5,592 | 89,752 | |||
Marriott Vacations Worldwide Corporation † | 667 | 116,178 | |||
Penn National Gaming Incorporated † | 2,089 | 219,011 | |||
Wingstop Incorporated | 260 | 33,064 | |||
739,111 | |||||
Household durables: 2.75% | |||||
Beazer Homes Incorporated † | 3,105 | 64,957 | |||
Helen of Troy Limited † | 430 | 90,584 | |||
Installed Building Products | 430 | 47,678 | |||
iRobot Corporation † | 408 | 49,849 | |||
KB Home Incorporated | 1,640 | 76,309 | |||
La-Z-Boy Incorporated | 693 | 29,439 | |||
Meritage Corporation † | 912 | 83,831 | |||
Taylor Morrison Home Corporation † | 4,123 | 127,030 | |||
TopBuild Corporation † | 354 | 74,138 | |||
Universal Electronics Incorporated † | 1,899 | 104,388 | |||
748,203 |
Shares | Value | ||||
Internet & direct marketing retail: 1.16% | |||||
Overstock.com Incorporated | 1,348 | $ 89,318 | |||
Stamps.com Incorporated † | 703 | 140,256 | |||
Stitch Fix Incorporated Class A † | 1,706 | 84,515 | |||
314,089 | |||||
Multiline retail: 0.62% | |||||
Big Lots Stores Incorporated | 2,471 | 168,769 | |||
Specialty retail: 2.63% | |||||
American Eagle Outfitters Incorporated | 2,008 | 58,714 | |||
Asbury Automotive Group Incorporated † | 830 | 163,095 | |||
Bed Bath & Beyond Incorporated | 1,461 | 42,588 | |||
Hibbett Sports Incorporated † | 2,563 | 176,565 | |||
ODP Corporation † | 1,444 | 62,511 | |||
Sportsman's Warehouse Holdings Incorporated † | 4,176 | 71,994 | |||
Zumiez Incorporated † | 3,281 | 140,755 | |||
716,222 | |||||
Textiles, apparel & luxury goods: 1.01% | |||||
Deckers Outdoor Corporation † | 626 | 206,843 | |||
Steven Madden Limited | 1,826 | 68,037 | |||
274,880 | |||||
Consumer staples: 3.10% | |||||
Beverages: 0.34% | |||||
Boston Beer Company Incorporated Class A † | 41 | 49,457 | |||
National Beverage Corporation | 848 | 41,476 | |||
90,933 | |||||
Food & staples retailing: 0.82% | |||||
Performance Food Group Company † | 3,883 | 223,700 | |||
Food products: 0.78% | |||||
Fresh Del Monte Produce Incorporated | 1,576 | 45,121 | |||
John B. Sanfilippo & Son Incorporated | 513 | 46,360 | |||
Sanderson Farms Incorporated | 306 | 47,669 | |||
The Simply Good Foods Company † | 2,372 | 72,156 | |||
211,306 | |||||
Personal products: 1.16% | |||||
Medifast Incorporated | 694 | 147,003 | |||
USANA Health Sciences Incorporated † | 1,731 | 168,946 | |||
315,949 | |||||
Energy: 2.55% | |||||
Energy equipment & services: 0.39% | |||||
Helix Energy Solutions Group Incorporated † | 4,597 | 23,215 | |||
Nextier Oilfield Solutions Incorporated † | 22,076 | 82,123 | |||
105,338 | |||||
Oil, gas & consumable fuels: 2.16% | |||||
Ardmore Shipping Corporation † | 6,525 | 29,624 | |||
Bonanza Creek Energy Incorporated † | 4,786 | 171,004 |
Shares | Value | ||||
Oil, gas & consumable fuels (continued) | |||||
Magnolia Oil & Gas Corporation † | 16,058 | $ 184,346 | |||
Renewable Energy Group Incorporated † | 1,541 | 101,768 | |||
Scorpio Tankers Incorporated | 1,863 | 34,391 | |||
World Fuel Services Corporation | 1,899 | 66,845 | |||
587,978 | |||||
Financials: 14.80% | |||||
Banks: 7.90% | |||||
BancFirst Corporation | 1,350 | 95,432 | |||
Bank of N.T. Butterfield & Son Limited | 2,172 | 83,014 | |||
BankUnited Incorporated | 3,361 | 147,716 | |||
Brookline Bancorp Incorporated | 5,735 | 86,025 | |||
CNB Financial Corporation | 2,412 | 59,359 | |||
Customers Bancorp Incorporated † | 2,762 | 87,887 | |||
Enterprise Financial Service | 1,316 | 65,063 | |||
First Bancorp of North Carolina | 2,289 | 99,572 | |||
First Bancorp of Puerto Rico | 6,469 | 72,841 | |||
First Financial Corporation | 799 | 35,963 | |||
First Interstate BancSystem Class A | 2,098 | 96,592 | |||
First Merchants Corporation | 1,283 | 59,660 | |||
Great Southern Bancorp Incorporated | 1,489 | 84,382 | |||
Hancock Holding Company | 1,954 | 82,088 | |||
Hilltop Holdings Incorporated | 4,100 | 139,933 | |||
Independent Bank Corporation | 3,475 | 82,149 | |||
Investors Bancorp Incorporated | 4,832 | 70,982 | |||
NBT Bancorp Incorporated | 1,424 | 56,818 | |||
OFG Bancorp | 3,343 | 75,619 | |||
Preferred Bank | 1,803 | 114,815 | |||
South State Corporation | 735 | 57,705 | |||
Sterling Bancorp | 2,885 | 66,413 | |||
The Bancorp Incorporated † | 7,558 | 156,602 | |||
TriCo Bancshares | 1,727 | 81,808 | |||
Westamerica Bancorporation | 1,413 | 88,708 | |||
2,147,146 | |||||
Capital markets: 2.29% | |||||
Artisan Partners Asset Management Incorporated Class A | 1,808 | 94,323 | |||
Evercore Partners Incorporated Class A | 1,004 | 132,267 | |||
Federated Investors Incorporated Class B | 1,892 | 59,220 | |||
Houlihan Lokey Incorporated | 1,105 | 73,494 | |||
PJT Partners Incorporated Class A | 831 | 56,217 | |||
Stifel Financial Corporation | 3,236 | 207,298 | |||
622,819 | |||||
Consumer finance: 1.00% | |||||
Enova International Incorporated † | 3,123 | 110,804 | |||
Green Dot Corporation Class A † | 2,427 | 111,132 | |||
PROG Holdings Incorporated | 1,191 | 51,558 | |||
273,494 | |||||
Insurance: 1.62% | |||||
American Equity Investment Life Holding Company | 2,512 | 79,203 | |||
CNO Financial Group Incorporated | 6,964 | 169,156 | |||
Genworth Financial Incorporated Class A † | 21,099 | 70,049 |
Shares | Value | ||||
Insurance (continued) | |||||
Kemper Corporation | 690 | $ 55,007 | |||
Selective Insurance Group Incorporated | 909 | 65,939 | |||
439,354 | |||||
Thrifts & mortgage finance: 1.99% | |||||
Essent Group Limited | 2,497 | 118,583 | |||
MGIC Investment Corporation | 5,751 | 79,651 | |||
NMI Holdings Incorporated Class A † | 2,538 | 59,998 | |||
PennyMac Financial Services Incorporated | 1,203 | 80,445 | |||
Radian Group Incorporated | 6,194 | 144,011 | |||
Walker & Dunlop Incorporated | 559 | 57,432 | |||
540,120 | |||||
Health care: 18.34% | |||||
Biotechnology: 8.43% | |||||
ACADIA Pharmaceuticals Incorporated † | 1,184 | 30,547 | |||
Aduro Biotech Incorporated ♦† | 4,415 | 0 | |||
Amicus Therapeutics Incorporated † | 5,172 | 51,099 | |||
Aravive Incorporated † | 1,855 | 12,224 | |||
Arcturus Therapeutics Holdings Incorporated †« | 826 | 34,114 | |||
Arena Pharmaceuticals Incorporated † | 1,242 | 86,182 | |||
Arrowhead Pharmaceuticals Incorporated † | 964 | 63,923 | |||
Biocryst Pharmaceuticals Incorporated †« | 9,170 | 93,259 | |||
Blueprint Medicines Corporation † | 735 | 71,464 | |||
Cabaletta Bio Incorporated † | 7,031 | 78,044 | |||
Chinook Therapeutics Incorporated † | 3,794 | 58,959 | |||
Concert Pharmaceuticals Incorporated † | 9,490 | 47,355 | |||
Cytokinetics Incorporated † | 3,966 | 92,249 | |||
Editas Medicine Incorporated † | 487 | 20,454 | |||
Exelixis Incorporated † | 2,202 | 49,743 | |||
Fate Therapeutics Incorporated † | 369 | 30,424 | |||
Fibrogen Incorporated † | 1,294 | 44,915 | |||
Gossamer Bio Incorporated † | 4,734 | 43,790 | |||
Halozyme Therapeutics Incorporated † | 2,820 | 117,566 | |||
Heron Therapeutics Incorporated † | 2,694 | 43,670 | |||
Intellia Therapeutics Incorporated † | 1,480 | 118,777 | |||
Jounce Therapeutics Incorporated † | 4,965 | 50,991 | |||
Kezar Life Sciences Incorporated † | 13,174 | 78,517 | |||
Kiniksa Pharmaceuticals Limited Class A † | 3,616 | 66,932 | |||
Kodiak Sciences Incorporated † | 723 | 81,981 | |||
Ligand Pharmaceuticals Incorporated † | 384 | 58,541 | |||
Mei Pharma Incorporated † | 12,942 | 44,391 | |||
Mirati Therapeutics Incorporated † | 136 | 23,297 | |||
NextCure Incorporated † | 4,842 | 48,468 | |||
Novavax Incorporated † | 442 | 80,139 | |||
Organogenesis Holdings Incorporated Class A † | 4,966 | 90,481 | |||
Pfenex Incorporated ♦† | 5,162 | 0 | |||
Protagonist Therapeutics Incorporated † | 3,309 | 85,703 | |||
Rigel Pharmaceuticals Incorporated † | 17,561 | 60,059 | |||
Rocket Pharmaceuticals Incorporated † | 822 | 36,472 | |||
Sangamo Therapeutics Incorporated † | 4,972 | 62,299 | |||
TCR2 Therapeutics Incorporated † | 2,626 | 57,982 | |||
Translate Bio Incorporated † | 3,845 | 63,404 |
Shares | Value | ||||
Biotechnology (continued) | |||||
Ultragenyx Pharmaceutical Incorporated † | 793 | $ 90,291 | |||
Voyager Therapeutics Incorporated † | 4,528 | 21,327 | |||
2,290,033 | |||||
Health care equipment & supplies: 3.73% | |||||
Accuray Incorporated † | 16,587 | 82,106 | |||
Antares Pharma Incorporated † | 10,813 | 44,441 | |||
Apyx Medical Corporation † | 5,224 | 50,464 | |||
Genmark Diagnostics Incorporated † | 2,932 | 70,075 | |||
Globus Medical Incorporated Class A † | 1,693 | 104,407 | |||
Haemonetics Corporation † | 791 | 87,809 | |||
iRhythm Technologies Incorporated † | 255 | 35,409 | |||
Lantheus Holdings Incorporated † | 2,458 | 52,527 | |||
Novocure Limited † | 758 | 100,192 | |||
Seaspine Holdings Corporation † | 4,782 | 83,207 | |||
STAAR Surgical Company † | 1,026 | 108,151 | |||
Surmodics Incorporated † | 2,224 | 124,700 | |||
Zynex Incorporated † | 4,592 | 70,120 | |||
1,013,608 | |||||
Health care providers & services: 2.80% | |||||
Amedisys Incorporated † | 430 | 113,860 | |||
Castle Biosciences Incorporated † | 632 | 43,267 | |||
Centene Corporation † | 1,070 | 68,384 | |||
Modivcare Incorporated † | 695 | 102,943 | |||
R1 RCM Incorporated † | 3,242 | 80,013 | |||
Tenet Healthcare Corporation † | 3,755 | 195,260 | |||
The Ensign Group Incorporated | 1,678 | 157,464 | |||
761,191 | |||||
Health care technology: 0.96% | |||||
HMS Holdings Corporation † | 1,473 | 54,464 | |||
NextGen Healthcare Incorporated † | 2,828 | 51,187 | |||
Omnicell Incorporated † | 762 | 98,961 | |||
Simulations Plus Incorporated | 894 | 56,537 | |||
261,149 | |||||
Life sciences tools & services: 0.21% | |||||
Repligen Corporation † | 295 | 57,351 | |||
Pharmaceuticals: 2.21% | |||||
BioDelivery Sciences International Incorporated † | 12,186 | 47,647 | |||
Catalent Incorporated † | 1,084 | 114,156 | |||
Horizon Therapeutics plc † | 1,192 | 109,712 | |||
Intra-Cellular Therapies Incorporated † | 3,868 | 131,241 | |||
Pacira Pharmaceuticals Incorporated † | 2,035 | 142,633 | |||
Supernus Pharmaceuticals Incorporated † | 2,063 | 54,009 | |||
599,398 | |||||
Industrials: 16.45% | |||||
Aerospace & defense: 0.33% | |||||
Moog Incorporated Class A | 1,066 | 88,638 | |||
Air freight & logistics: 0.38% | |||||
Atlas Air Worldwide Holdings Incorporated † | 1,696 | 102,506 |
Shares | Value | ||||
Building products: 2.09% | |||||
Builders FirstSource Incorporated † | 4,229 | $ 196,099 | |||
CSW Industrials Incorporated | 1,198 | 161,730 | |||
Griffon Corporation | 4,618 | 125,471 | |||
Simpson Manufacturing Company Incorporated | 810 | 84,021 | |||
567,321 | |||||
Commercial services & supplies: 0.58% | |||||
Ennis Incorporated | 2,718 | 58,029 | |||
Tetra Tech Incorporated | 732 | 99,347 | |||
157,376 | |||||
Construction & engineering: 2.46% | |||||
Comfort Systems Incorporated | 1,081 | 80,826 | |||
EMCOR Group Incorporated | 1,823 | 204,468 | |||
MasTec Incorporated † | 2,287 | 214,292 | |||
MYR Group Incorporated † | 1,494 | 107,075 | |||
Primoris Services Corporation | 1,866 | 61,821 | |||
668,482 | |||||
Electrical equipment: 2.67% | |||||
Atkore International Incorporated † | 2,759 | 198,372 | |||
Bloom Energy Corporation Class A † | 882 | 23,858 | |||
Encore Wire Corporation | 1,745 | 117,142 | |||
Fuelcell Energy Incorporated † | 2,044 | 29,454 | |||
Generac Holdings Incorporated † | 465 | 152,264 | |||
Plug Power Incorporated † | 3,518 | 126,085 | |||
Sunrun Incorporated † | 1,317 | 79,652 | |||
726,827 | |||||
Machinery: 1.99% | |||||
Alamo Group Incorporated | 540 | 84,321 | |||
Hillenbrand Incorporated | 2,231 | 106,441 | |||
Meritor Incorporated † | 1,640 | 48,249 | |||
Mueller Industries Incorporated | 3,906 | 161,513 | |||
Park Ohio Holdings Corporation | 4,468 | 140,697 | |||
541,221 | |||||
Paper & forest products: 0.48% | |||||
Boise Cascade Company | 2,188 | 130,908 | |||
Professional services: 1.83% | |||||
CACI International Incorporated Class A † | 258 | 63,638 | |||
CBIZ Incorporated † | 1,855 | 60,584 | |||
Insperity Incorporated | 727 | 60,879 | |||
Kelly Services Incorporated Class A † | 5,793 | 129,010 | |||
Science Applications International Corporation | 678 | 56,674 | |||
TriNet Group Incorporated † | 1,614 | 125,827 | |||
496,612 | |||||
Road & rail: 0.81% | |||||
Arcbest Corporation | 2,630 | 185,073 | |||
Universal Truckload Services | 1,376 | 36,203 | |||
221,276 |
Shares | Value | ||||
Trading companies & distributors: 2.83% | |||||
Applied Industrial Technologies Incorporated | 937 | $ 85,426 | |||
DXP Enterprises Incorporated † | 2,594 | 78,261 | |||
GMS Incorporated † | 1,230 | 51,353 | |||
McGrath RentCorp | 1,600 | 129,040 | |||
Rush Enterprises Incorporated Class A | 3,319 | 165,386 | |||
Textainer Group Holdings Limited † | 2,633 | 75,435 | |||
Titan Machinery Incorporated † | 4,454 | 113,577 | |||
WESCO International Incorporated † | 802 | 69,397 | |||
767,875 | |||||
Information technology: 13.83% | |||||
Communications equipment: 0.81% | |||||
Ciena Corporation † | 1,662 | 90,945 | |||
Digi International Incorporated † | 4,527 | 85,968 | |||
Netgear Incorporated † | 1,065 | 43,772 | |||
220,685 | |||||
Electronic equipment, instruments & components: 1.96% | |||||
Fabrinet † | 735 | 66,437 | |||
Insight Enterprises Incorporated † | 1,387 | 132,348 | |||
Methode Electronics Incorporated | 1,237 | 51,929 | |||
Plexus Corporation † | 716 | 65,757 | |||
Sanmina Corporation † | 3,252 | 134,568 | |||
SYNNEX Corporation | 703 | 80,733 | |||
531,772 | |||||
IT services: 2.05% | |||||
BM Technologies Incorporated ♦ | 471 | 5,487 | |||
EPAM Systems Incorporated † | 246 | 97,586 | |||
Evertec Incorporated | 3,433 | 127,776 | |||
ExlService Holdings Incorporated † | 700 | 63,112 | |||
Perficient Incorporated † | 1,763 | 103,523 | |||
TTEC Holdings Incorporated | 1,582 | 158,912 | |||
556,396 | |||||
Semiconductors & semiconductor equipment: 4.10% | |||||
Advanced Energy Industries Incorporated | 798 | 87,118 | |||
Diodes Incorporated † | 1,570 | 125,349 | |||
Enphase Energy Incorporated † | 480 | 77,837 | |||
FormFactor Incorporated † | 1,382 | 62,342 | |||
Ichor Holdings Limited † | 3,085 | 165,973 | |||
Inphi Corporation † | 421 | 75,111 | |||
MKS Instruments Incorporated | 366 | 67,864 | |||
Silicon Laboratories Incorporated † | 601 | 84,783 | |||
Smart Global Holdings Incorporated † | 2,921 | 134,424 | |||
SunPower Corporation | 920 | 30,774 | |||
Ultra Clean Holdings Incorporated † | 3,507 | 203,546 | |||
1,115,121 | |||||
Software: 4.91% | |||||
A10 Networks Incorporated † | 13,333 | 128,130 | |||
ACI Worldwide Incorporated † | 958 | 36,452 | |||
Arlo Technologies Incorporated † | 9,693 | 60,872 | |||
BlackLine Incorporated † | 346 | 37,506 |
Shares | Value | ||||
Software (continued) | |||||
Cloudera Incorporated † | 10,516 | $ 127,980 | |||
Digital Turbine Incorporated † | 862 | 69,270 | |||
eGain Corporation † | 1,317 | 12,498 | |||
InterDigital Incorporated | 1,336 | 84,769 | |||
J2 Global Incorporated † | 1,007 | 120,699 | |||
Mimecast Limited † | 2,885 | 116,006 | |||
Rimini Street Incorporated † | 11,162 | 100,123 | |||
SailPoint Technologies Holdings Incorporated † | 855 | 43,297 | |||
SPS Commerce Incorporated † | 1,593 | 158,201 | |||
Tenable Holdings Incorporated † | 1,127 | 40,781 | |||
Verint Systems Incorporated | 1,343 | 61,093 | |||
Workiva Incorporated † | 459 | 40,511 | |||
Xperi Holding Corporation | 4,413 | 96,071 | |||
1,334,259 | |||||
Materials: 4.29% | |||||
Chemicals: 0.91% | |||||
Kooper Holdings Incorporated † | 4,138 | 143,837 | |||
Tronox Holdings plc Class A | 5,703 | 104,365 | |||
248,202 | |||||
Construction materials: 0.61% | |||||
Forterra Incorporated † | 7,122 | 165,587 | |||
Containers & packaging: 1.21% | |||||
Berry Global Group Incorporated † | 1,008 | 61,891 | |||
Greif Incorporated Class A | 1,980 | 112,860 | |||
Myers Industries Incorporated | 5,202 | 102,792 | |||
UFP Technologies Incorporated † | 1,007 | 50,169 | |||
327,712 | |||||
Metals & mining: 1.44% | |||||
Arconic Corporation † | 2,065 | 52,430 | |||
Cleveland Cliffs Incorporated | 2,362 | 47,500 | |||
Commercial Metals Company | 2,486 | 76,668 | |||
Kaiser Aluminum Corporation | 407 | 44,974 | |||
Materion Corporation | 1,453 | 96,247 | |||
Suncoke Energy Incorporated | 10,638 | 74,572 | |||
392,391 | |||||
Paper & forest products: 0.12% | |||||
Clearwater Paper Corporation † | 864 | 32,504 | |||
Real estate: 4.97% | |||||
Equity REITs: 4.31% | |||||
Armada Hoffler Properties Incorporated | 4,908 | 61,546 | |||
Catchmark Timber Trust Incorporated Class A | 6,306 | 64,195 | |||
CorePoint Lodging Incorporated | 7,121 | 64,303 | |||
CyrusOne Incorporated | 830 | 56,208 | |||
Diversified Healthcare Trust | 29,626 | 141,612 | |||
Easterly Government Properties Incorporated | 3,524 | 73,053 | |||
First Industrial Realty Trust Incorporated | 2,409 | 110,308 | |||
Getty Realty Corporation | 1,442 | 40,837 | |||
Global Medical REIT Incorporated | 6,701 | 87,850 |
Shares | Value | ||||
Equity REITs (continued) | |||||
Global Net Lease Incorporated | 2,936 | $ 53,024 | |||
Industrial Logistics Properties Trust | 1,637 | 37,864 | |||
NexPoint Residential Trust Incorporated | 2,372 | 109,325 | |||
Piedmont Office Realty Trust Incorporated Class A | 5,895 | 102,396 | |||
STAG Industrial Incorporated | 3,200 | 107,552 | |||
Urban Edge Properties | 3,671 | 60,645 | |||
1,170,718 | |||||
Real estate management & development: 0.66% | |||||
Newmark Group Incorporated Class A | 11,492 | 114,977 | |||
Redfin Corporation † | 956 | 63,660 | |||
178,637 | |||||
Utilities: 2.68% | |||||
Electric utilities: 0.86% | |||||
IDACORP Incorporated | 582 | 58,183 | |||
Portland General Electric Company | 2,340 | 111,080 | |||
Spark Energy Incorporated Class A | 6,025 | 64,347 | |||
233,610 | |||||
Gas utilities: 0.44% | |||||
Southwest Gas Holdings Incorporated | 1,746 | 119,968 | |||
Independent power & renewable electricity producers: 0.70% | |||||
Brookfield Renewable Corporation Class A | 2,296 | 107,453 | |||
Clearway Energy Incorporated Class A | 3,156 | 83,666 | |||
191,119 | |||||
Multi-utilities: 0.58% | |||||
Black Hills Corporation | 787 | 52,548 | |||
Northwestern Corporation | 1,586 | 103,407 | |||
155,955 | |||||
Water utilities: 0.10% | |||||
Consolidated Water Company | 2,049 | 27,559 | |||
Total Common stocks (Cost $18,533,651) | 25,936,592 |
Yield | |||||
Short-term investments: 4.43% | |||||
Investment companies: 4.43% | |||||
Securities Lending Cash Investments LLC ♠∩∞ | 0.04% | 121,125 | 121,125 | ||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03 | 1,082,139 | 1,082,139 | ||
Total Short-term investments (Cost $1,203,264) | 1,203,264 | ||||
Total investments in securities (Cost $19,736,915) | 99.88% | 27,139,856 | |||
Other assets and liabilities, net | 0.12 | 33,139 | |||
Total net assets | 100.00% | $27,172,995 |
† | Non-income-earning security |
♦ | The security is fair valued in accordance with procedures approved by the Board of Trustees. |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | % of net assets | Shares, end of period | Income from affiliated securities | ||||
Short-term investments | ||||||||||||
Investment companies | ||||||||||||
Securities Lending Cash Investments LLC | $240,539 | $2,716,386 | $(2,835,817) | $19 | $ (2) | $ 121,125 | 121,125 | $168 # | ||||
Wells Fargo Government Money Market Fund Select Class | 392,852 | 8,361,816 | (7,672,529) | 0 | 0 | 1,082,139 | 1,082,139 | 369 | ||||
$19 | $(2) | $1,203,264 | 4.43% | $537 |
# | Amount shown represents income before fees and rebates. |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
E-Mini Russell 2000 Index | 10 | 6-18-2021 | $1,171,000 | $1,111,250 | $0 | $(59,750) |
Assets | |
Investments in unaffiliated securities (including $121,520 of securities loaned), at value (cost $18,533,651) | $ 25,936,592 |
Investments in affiliated securites, at value (cost $1,203,264) | 1,203,264 |
Cash | 1,402 |
Cash at broker segregated for futures contracts | 91,000 |
Receivable for Fund shares sold | 33,137 |
Receivable for daily variation margin on open futures contracts | 15,050 |
Receivable for dividends | 12,010 |
Receivable from manager | 7,376 |
Receivable for securities lending income, net | 27 |
Prepaid expenses and other assets | 30,786 |
Total assets | 27,330,644 |
Liabilities | |
Payable upon receipt of securities loaned | 121,125 |
Professional fees payable | 20,195 |
Administration fees payable | 3,054 |
Payable for Fund shares redeemed | 2,907 |
Trustees’ fees and expenses payable | 2,211 |
Accrued expenses and other liabilities | 8,157 |
Total liabilities | 157,649 |
Total net assets | $27,172,995 |
Net assets consist of | |
Paid-in capital | $ 22,858,228 |
Total distributable earnings | 4,314,767 |
Total net assets | $27,172,995 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 991,421 |
Shares outstanding – Class A1 | 84,986 |
Net asset value per share – Class A | $11.67 |
Maximum offering price per share – Class A2 | $12.38 |
Net assets – Class R6 | $ 154,976 |
Shares outstanding – Class R61 | 13,534 |
Net asset value per share – Class R6 | $11.45 |
Net assets – Administrator Class | $ 24,318,344 |
Shares outstanding – Administrator Class1 | 2,097,908 |
Net asset value per share – Administrator Class | $11.59 |
Net assets – Institutional Class | $ 1,708,254 |
Shares outstanding – Institutional Class1 | 147,209 |
Net asset value per share – Institutional Class | $11.60 |
1 | The Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends (net of foreign withholdings taxes of $548) | $ 240,470 |
Income from affiliated securities | 1,978 |
Interest | 30 |
Total investment income | 242,478 |
Expenses | |
Management fee | 118,811 |
Administration fees | |
Class A | 472 |
Class R6 | 37 |
Administrator Class | 28,014 |
Institutional Class | 2,423 |
Shareholder servicing fees | |
Class A | 561 |
Administrator Class | 53,677 |
Custody and accounting fees | 28,713 |
Professional fees | 44,033 |
Registration fees | 66,999 |
Shareholder report expenses | 30,547 |
Trustees’ fees and expenses | 19,425 |
Other fees and expenses | 18,383 |
Total expenses | 412,095 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (210,448) |
Class A | (10) |
Class R6 | (37) |
Administrator Class | (4,310) |
Institutional Class | (373) |
Net expenses | 196,917 |
Net investment income | 45,561 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 1,071,356 |
Affiliated securities | 19 |
Futures contracts | 464,834 |
Net realized gains on investments | 1,536,209 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 13,559,661 |
Affiliated securities | (2) |
Futures contracts | (99,637) |
Net change in unrealized gains (losses) on investments | 13,460,022 |
Net realized and unrealized gains (losses) on investments | 14,996,231 |
Net increase in net assets resulting from operations | $15,041,792 |
Year ended March 31, 2021 | Year ended March 31, 2020 | |||
Operations | ||||
Net investment income | $ 45,561 | $ 235,910 | ||
Net realized gains (losses) on investments | 1,536,209 | (2,039,014) | ||
Net change in unrealized gains (losses) on investments | 13,460,022 | (3,224,191) | ||
Net increase (decrease) in net assets resulting from operations | 15,041,792 | (5,027,295) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (554) | ||
Class R6 | (2,550) | (81,474) | ||
Administrator Class | (5,441) | (181,213) | ||
Institutional Class | (1,918) | (43,675) | ||
Total distributions to shareholders | (9,909) | (306,916) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 99,181 | 1,109,960 | 27,557 | 215,498 |
Class R6 | 7,526 | 72,031 | 863,028 | 7,504,615 |
Administrator Class | 158,113 | 1,489,240 | 270,851 | 2,220,286 |
Institutional Class | 40,317 | 328,237 | 114,826 | 975,446 |
2,999,468 | 10,915,845 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 55 | 503 |
Class R6 | 223 | 2,252 | 8,871 | 81,355 |
Administrator Class | 529 | 5,411 | 18,976 | 171,926 |
Institutional Class | 161 | 1,647 | 3,482 | 31,516 |
9,310 | 285,300 | |||
Payment for shares redeemed | ||||
Class A | (30,780) | (318,521) | (15,141) | (120,195) |
Class R6 | (17,224) | (135,223) | (1,320,920) | (11,737,903) |
Administrator Class | (856,001) | (7,874,576) | (3,435,590) | (29,722,535) |
Institutional Class | (153,506) | (1,418,005) | (2,882,808) | (25,024,602) |
(9,746,325) | (66,605,235) | |||
Net decrease in net assets resulting from capital share transactions | (6,737,547) | (55,404,090) | ||
Total increase (decrease) in net assets | 8,294,336 | (60,738,301) | ||
Net assets | ||||
Beginning of period | 18,878,659 | 79,616,960 | ||
End of period | $27,172,995 | $ 18,878,659 |
Year ended March 31 | |||
Class A | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $6.12 | $8.39 | $23.70 |
Net investment income (loss) | (0.05) 2 | (0.00) 2,3 | 0.02 |
Net realized and unrealized gains (losses) on investments | 5.60 | (2.22) | (3.37) |
Total from investment operations | 5.55 | (2.22) | (3.35) |
Distributions to shareholders from | |||
Net investment income | 0.00 | (0.05) | (0.04) |
Net realized gains | 0.00 | 0.00 | (11.92) |
Total distributions to shareholders | 0.00 | (0.05) | (11.96) |
Net asset value, end of period | $11.67 | $6.12 | $8.39 |
Total return4 | 90.69% | (26.67)% | (11.52)% |
Ratios to average net assets (annualized) | |||
Gross expenses | 1.81% | 1.40% | 1.14% |
Net expenses | 0.93% | 0.93% | 0.92% |
Net investment income (loss) | (0.53)% | (0.05)% | 0.16% |
Supplemental data | |||
Portfolio turnover rate | 48% | 67% | 176% |
Net assets, end of period (000s omitted) | $991 | $102 | $34 |
1 | For the period from July 31, 2018 (commencement of class operations) to March 31, 2019 |
2 | Calculated based upon average shares outstanding |
3 | Amount is more than $(0.005) |
4 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended March 31 | |||||
Class R6 | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $6.15 | $8.50 | $22.63 | $23.82 | $22.43 |
Net investment income | 0.04 2 | 0.08 2 | 0.06 | 0.07 | 0.14 |
Net realized and unrealized gains (losses) on investments | 5.51 | (2.35) | (2.19) | 2.08 | 3.32 |
Total from investment operations | 5.55 | (2.27) | (2.13) | 2.15 | 3.46 |
Distributions to shareholders from | |||||
Net investment income | (0.25) | (0.08) | (0.08) | (0.06) | (0.14) |
Net realized gains | 0.00 | 0.00 | (11.92) | (3.28) | (1.93) |
Total distributions to shareholders | (0.25) | (0.08) | (12.00) | (3.34) | (2.07) |
Net asset value, end of period | $11.45 | $6.15 | $8.50 | $22.63 | $23.82 |
Total return3 | 90.71% | (27.03)% | (6.75)% | 8.95% | 15.63% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.42% | 0.89% | 0.82% | 1.06% | 0.92% |
Net expenses | 0.50% | 0.50% | 0.64% | 0.85% | 0.85% |
Net investment income | 0.51% | 0.95% | 0.48% | 0.14% | 0.67% |
Supplemental data | |||||
Portfolio turnover rate | 48% | 67% | 176% | 48% | 73% |
Net assets, end of period (000s omitted) | $155 | $141 | $4,014 | $23,871 | $1,626 |
1 | For the period from October 31, 2016 (commencement of class operations) to March 31, 2017 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
Year ended March 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $6.10 | $8.40 | $22.53 | $23.79 | $21.15 |
Net investment income | 0.02 | 0.02 1 | 0.03 1 | 0.06 | 0.08 1 |
Net realized and unrealized gains (losses) on investments | 5.47 | (2.27) | (2.21) | 2.00 | 4.56 |
Total from investment operations | 5.49 | (2.25) | (2.18) | 2.06 | 4.64 |
Distributions to shareholders from | |||||
Net investment income | (0.00) 2 | (0.05) | (0.03) | (0.04) | (0.07) |
Net realized gains | 0.00 | 0.00 | (11.92) | (3.28) | (1.93) |
Total distributions to shareholders | (0.00) 2 | (0.05) | (11.95) | (3.32) | (2.00) |
Net asset value, end of period | $11.59 | $6.10 | $8.40 | $22.53 | $23.79 |
Total return | 90.04% | (26.99)% | (7.01)% | 8.52% | 22.13% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.75% | 1.25% | 1.13% | 1.30% | 1.28% |
Net expenses | 0.85% | 0.85% | 0.95% | 1.20% | 1.20% |
Net investment income | 0.17% | 0.27% | 0.16% | 0.12% | 0.36% |
Supplemental data | |||||
Portfolio turnover rate | 48% | 67% | 176% | 48% | 73% |
Net assets, end of period (000s omitted) | $24,318 | $17,049 | $49,911 | $91,506 | $231,039 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
Year ended March 31 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $6.10 | $8.48 | $22.61 | $23.82 | $21.18 |
Net investment income | 0.04 1 | 0.06 1 | 0.07 1 | 0.09 | 0.09 |
Net realized and unrealized gains (losses) on investments | 5.47 | (2.28) | (2.22) | 2.03 | 4.61 |
Total from investment operations | 5.51 | (2.22) | (2.15) | 2.12 | 4.70 |
Distributions to shareholders from | |||||
Net investment income | (0.01) | (0.16) | (0.06) | (0.05) | (0.13) |
Net realized gains | 0.00 | 0.00 | (11.92) | (3.28) | (1.93) |
Total distributions to shareholders | (0.01) | (0.16) | (11.98) | (3.33) | (2.06) |
Net asset value, end of period | $11.60 | $6.10 | $8.48 | $22.61 | $23.82 |
Total return | 90.34% | (26.80)% | (6.79)% | 8.81% | 22.43% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.51% | 0.94% | 0.89% | 1.07% | 1.03% |
Net expenses | 0.60% | 0.60% | 0.71% | 0.95% | 0.95% |
Net investment income | 0.47% | 0.69% | 0.41% | 0.37% | 0.56% |
Supplemental data | |||||
Portfolio turnover rate | 48% | 67% | 176% | 48% | 73% |
Net assets, end of period (000s omitted) | $1,708 | $1,586 | $25,658 | $67,798 | $54,375 |
1 | Calculated based upon average shares outstanding |
Gross unrealized gains | $7,515,953 |
Gross unrealized losses | (578,528) |
Net unrealized gains | $6,937,425 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 417,814 | $ 0 | $0 | $ 417,814 |
Consumer discretionary | 3,506,674 | 0 | 0 | 3,506,674 |
Consumer staples | 841,888 | 0 | 0 | 841,888 |
Energy | 693,316 | 0 | 0 | 693,316 |
Financials | 4,022,933 | 0 | 0 | 4,022,933 |
Health care | 4,982,730 | 0 | 0 | 4,982,730 |
Industrials | 4,469,042 | 0 | 0 | 4,469,042 |
Information technology | 3,752,746 | 5,487 | 0 | 3,758,233 |
Materials | 1,166,396 | 0 | 0 | 1,166,396 |
Real estate | 1,349,355 | 0 | 0 | 1,349,355 |
Utilities | 728,211 | 0 | 0 | 728,211 |
Short-term investments | ||||
Investment companies | 1,203,264 | 0 | 0 | 1,203,264 |
Total assets | $27,134,369 | $5,487 | $0 | $27,139,856 |
Liabilities | ||||
Futures contracts | $ 59,750 | $ 0 | $0 | $ 59,750 |
Total liabilities | $ 59,750 | $ 0 | $0 | $ 59,750 |
Average daily net assets | Management fee |
First $1 billion | 0.500% |
Next $4 billion | 0.475 |
Next $5 billion | 0.440 |
Over $10 billion | 0.430 |
Class-level administration fee | |
Class A | 0.21% |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 0.93% |
Class R6 | 0.50 |
Administrator Class | 0.85 |
Institutional Class | 0.60 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Deutsche Bank Securities Inc. | $88,479 | $(88,479) | $ 0 |
JPMorgan Securities LLC | 33,041 | (31,950) | 1,091 |
Undistributed ordinary income | Unrealized gains | Capital loss carryforward |
$45,296 | $6,937,425 | $(2,667,954) |
Wells Fargo Funds Trust:
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status). | CIGNA Corporation |
Judith M. Johnson (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Michelle Rhee (Born 1966) | Chief Legal Officer, since 2019 | Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018. |
Catherine Kennedy (Born 1969) | Secretary, since 2019 | Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010. |
Michael H. Whitaker (Born 1967) | Chief Compliance Officer, since 2016 | Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016. |
P.O. Box 219967
Kansas City, MO 64121-9967
A243/AR243 03-21
Special Small Cap Value Fund
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Financial statements | |
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
6 | The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
President
Wells Fargo Funds
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management Incorporated |
Portfolio managers | Brian Martin, CFA®‡, James M. Tringas, CFA®‡, Bryant VanCronkhite, CFA®‡ |
Average annual total returns (%) as of March 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (ESPAX) | 5-7-1993 | 71.44 | 11.50 | 10.50 | 81.92 | 12.83 | 11.16 | 1.28 | 1.28 | ||
Class C (ESPCX) | 12-12-2000 | 79.71 | 12.00 | 10.34 | 80.71 | 12.00 | 10.34 | 2.03 | 2.03 | ||
Class R (ESPHX)3 | 9-30-2015 | – | – | – | 81.50 | 12.57 | 10.89 | 1.53 | 1.53 | ||
Class R6 (ESPRX)4 | 10-31-2014 | – | – | – | 82.77 | 13.31 | 11.63 | 0.85 | 0.85 | ||
Administrator Class (ESPIX) | 7-23-1996 | – | – | – | 82.13 | 12.94 | 11.34 | 1.20 | 1.20 | ||
Institutional Class (ESPNX) | 7-30-2010 | – | – | – | 82.59 | 13.23 | 11.58 | 0.95 | 0.95 | ||
Russell 2000® Value Index5 | – | – | – | – | 97.05 | 13.56 | 10.06 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through July 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.31% for Class A, 2.06% for Class C, 1.56% for Class R, 0.89% for Class R6, 1.20% for Administrator Class and 0.94% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R shares prior to their inception reflects the performance of the Institutional Class shares adjusted to reflect the higher expenses applicable to the Class R shares. |
4 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
5 | The Russell 2000® Value Index measures the performance of those Russell 2000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
1 | The chart compares the performance of Class A shares for the most recent ten years with the Russell 2000® Value Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund underperformed its benchmark, the Russell 2000® Value Index, for the 12-month period that ended March 31, 2021. |
■ | Stock selection in the materials and consumer discretionary sectors and an underweight to the consumer discretionary sector detracted from relative performance. |
■ | Stock selection in the financial sector and an overweight to materials and an underweight to real estate contributed to relative performance. |
Ten largest holdings (%) as of March 31, 20211 | |
Eagle Materials Incorporated | 3.04 |
First Citizens BancShares Corporation Class A | 2.89 |
Innospec Incorporated | 2.69 |
J & J Snack Foods Corporation | 2.43 |
UMB Financial Corporation | 2.33 |
Mueller Industries Incorporated | 2.31 |
Avient Corporation | 2.19 |
Franklin Electric Company Incorporated | 2.12 |
CSW Industrials Incorporated | 1.86 |
Atkore International Incorporated | 1.86 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of March 31, 20211 |
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 10-1-2020 | Ending account value 3-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,530.00 | $ 7.95 | 1.26% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.65 | $ 6.34 | 1.26% |
Class C | ||||
Actual | $1,000.00 | $1,524.44 | $12.65 | 2.01% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,014.91 | $10.10 | 2.01% |
Class R | ||||
Actual | $1,000.00 | $1,528.32 | $ 9.46 | 1.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.45 | $ 7.54 | 1.50% |
Class R6 | ||||
Actual | $1,000.00 | $1,533.50 | $ 5.24 | 0.83% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.79 | $ 4.18 | 0.83% |
Administrator Class | ||||
Actual | $1,000.00 | $1,530.82 | $ 7.45 | 1.18% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.05 | $ 5.94 | 1.18% |
Institutional Class | ||||
Actual | $1,000.00 | $1,532.66 | $ 5.87 | 0.93% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.29 | $ 4.68 | 0.93% |
Shares | Value | ||||
Common stocks: 93.68% | |||||
Communication services: 0.07% | |||||
Media: 0.07% | |||||
A.H. Belo Corporation Class A ♠ | 2,013,889 | $ 4,209,028 | |||
Consumer discretionary: 7.74% | |||||
Diversified consumer services: 0.44% | |||||
Franchise Group Incorporated | 702,843 | 25,379,661 | |||
Hotels, restaurants & leisure: 3.82% | |||||
Denny’s Corporation ♠† | 4,319,968 | 78,234,620 | |||
Dine Brands Global Incorporated | 805,146 | 72,487,294 | |||
Jack In The Box Incorporated | 620,200 | 68,085,556 | |||
218,807,470 | |||||
Household durables: 2.38% | |||||
Helen of Troy Limited † | 458,389 | 96,564,227 | |||
Tupperware Brands Corporation †## | 1,491,436 | 39,388,825 | |||
135,953,052 | |||||
Specialty retail: 0.20% | |||||
Container Store Group Incorporated † | 680,444 | 11,322,588 | |||
Textiles, apparel & luxury goods: 0.90% | |||||
Delta Apparel Incorporated ♠† | 581,302 | 15,770,723 | |||
Steven Madden Limited | 961,500 | 35,825,490 | |||
51,596,213 | |||||
Consumer staples: 11.03% | |||||
Beverages: 0.75% | |||||
Primo Water Corporation | 2,634,400 | 42,835,344 | |||
Food & staples retailing: 0.98% | |||||
BJ's Wholesale Club Holdings Incorporated † | 1,246,600 | 55,922,476 | |||
Food products: 5.80% | |||||
Hostess Brands Incorporated † | 2,950,143 | 42,305,051 | |||
J & J Snack Foods Corporation | 884,235 | 138,851,420 | |||
Nomad Foods Limited † | 3,861,580 | 106,038,987 | |||
Tootsie Roll Industries Incorporated | 502,022 | 16,631,989 | |||
UTZ Brands Incorporated Class A | 1,140,379 | 28,269,995 | |||
332,097,442 | |||||
Household products: 3.16% | |||||
Central Garden & Pet Company ♠† | 782,122 | 45,370,897 | |||
Central Garden & Pet Company Class A † | 758,090 | 39,337,290 | |||
Spectrum Brands Holdings Incorporated | 1,129,155 | 95,978,175 | |||
180,686,362 | |||||
Personal products: 0.34% | |||||
Edgewell Personal Care Company | 495,629 | 19,626,908 |
Shares | Value | ||||
Energy: 3.55% | |||||
Energy equipment & services: 0.70% | |||||
Forum Energy Technologies Incorporated † | 173,244 | $ 3,211,944 | |||
Patterson-UTI Energy Incorporated | 4,051,410 | 28,886,553 | |||
TechnipFMC plc | 1,013,217 | 7,822,035 | |||
39,920,532 | |||||
Oil, gas & consumable fuels: 2.85% | |||||
Alto Ingredients Incorporated †« | 2,373,334 | 12,887,204 | |||
Berry Petroleum Corporation | 1,857,137 | 10,232,825 | |||
Denbury Incorporated † | 732,136 | 35,061,993 | |||
Magnolia Oil & Gas Corporation † | 4,046,239 | 46,450,824 | |||
Nordic American Tankers Limited « | 2,989,900 | 9,717,175 | |||
Southwestern Energy Company † | 5,220,880 | 24,277,092 | |||
Whiting Petroleum Corporation | 699,048 | 24,781,252 | |||
163,408,365 | |||||
Financials: 20.46% | |||||
Banks: 10.28% | |||||
Associated Banc Corporation | 2,916,856 | 62,245,707 | |||
CVB Financial Corporation | 1,673,800 | 36,974,242 | |||
First Citizens BancShares Corporation Class A | 198,137 | 165,596,960 | |||
First Hawaiian Incorporated | 1,461,090 | 39,990,033 | |||
Hancock Holding Company | 1,102,945 | 46,334,719 | |||
Renasant Corporation | 1,300,274 | 53,805,338 | |||
South State Corporation | 634,961 | 49,850,788 | |||
UMB Financial Corporation | 1,446,200 | 133,527,646 | |||
588,325,433 | |||||
Capital markets: 1.88% | |||||
Apollo Investment Corporation | 1,748,486 | 23,989,228 | |||
Glassbridge Enterprises Incorporated ♠†« | 1,527 | 106,890 | |||
New Mountain Finance Corporation | 2,457,650 | 30,474,860 | |||
Pershing Square Tontine Holdings † | 1,937,895 | 46,528,859 | |||
Westwood Holdings Group Incorporated ♠ | 438,883 | 6,346,248 | |||
107,446,085 | |||||
Diversified financial services: 1.73% | |||||
Ajax I † | 914,026 | 9,716,096 | |||
Capitol Investment Corporation V † | 600,100 | 6,295,049 | |||
Gores Metropoulos II Incorporated † | 799,460 | 8,090,535 | |||
Juniper Industrial Holdings Incorporated Class A ♠†« | 2,419,754 | 30,004,950 | |||
Landcadia Holdings III Incorporated Class A †« | 946,083 | 9,470,291 | |||
Mason Industrial Technology Incorporated † | 1,162,800 | 11,558,232 | |||
Pine Island Acquisition Corporation † | 1,054,155 | 10,857,797 | |||
SVF Investment Corporation † | 491,141 | 5,186,449 | |||
SVF Investment Corporation 2 Class A †« | 395,770 | 3,997,277 | |||
Twin Ridge Capital Acquisition Corporation † | 400,000 | 3,980,000 | |||
99,156,676 | |||||
Insurance: 4.74% | |||||
CNO Financial Group Incorporated | 1,000,930 | 24,312,590 | |||
Enstar Group Limited † | 264,440 | 65,245,281 | |||
National Western Life Group Class A | 60,266 | 15,006,234 |
Shares | Value | ||||
Insurance (continued) | |||||
ProAssurance Corporation | 1,176,159 | $ 31,474,015 | |||
Stewart Information Services Corporation | 1,199,400 | 62,404,782 | |||
The Hanover Insurance Group Incorporated | 563,108 | 72,899,962 | |||
271,342,864 | |||||
Mortgage REITs: 1.83% | |||||
Apollo Commercial Real Estate Finance Incorporated | 2,000,753 | 27,950,519 | |||
New York Mortgage Trust Incorporated | 5,580,481 | 24,944,750 | |||
Two Harbors Investment Corporation | 7,080,096 | 51,897,104 | |||
104,792,373 | |||||
Health care: 3.81% | |||||
Health care equipment & supplies: 1.18% | |||||
Natus Medical Incorporated † | 941,595 | 24,114,248 | |||
Ortho Clinical Diagnostics Holdings plc † | 988,027 | 19,063,981 | |||
Varex Imaging Corporation † | 1,198,012 | 24,547,266 | |||
67,725,495 | |||||
Health care providers & services: 2.02% | |||||
Owens & Minor Incorporated ## | 1,556,245 | 58,499,250 | |||
Patterson Companies Incorporated | 1,159,465 | 37,044,907 | |||
Premier Incorporated Class A | 597,137 | 20,213,087 | |||
115,757,244 | |||||
Pharmaceuticals: 0.61% | |||||
Prestige Consumer Healthcare Incorporated † | 790,700 | 34,854,056 | |||
Industrials: 23.93% | |||||
Aerospace & defense: 0.87% | |||||
Parsons Corporation † | 1,232,616 | 49,846,991 | |||
Building products: 4.25% | |||||
CSW Industrials Incorporated ♠ | 791,105 | 106,799,175 | |||
Griffon Corporation | 1,532,199 | 41,629,847 | |||
Quanex Building Products Corporation ♠ | 2,241,824 | 58,803,044 | |||
Simpson Manufacturing Company Incorporated | 349,473 | 36,250,834 | |||
243,482,900 | |||||
Commercial services & supplies: 4.21% | |||||
ACCO Brands Corporation | 2,988,619 | 25,223,944 | |||
Deluxe Corporation | 429,136 | 18,006,547 | |||
Ennis Incorporated | 1,227,709 | 26,211,587 | |||
Harsco Corporation † | 1,579,599 | 27,090,123 | |||
Healthcare Services Group Incorporated | 1,987,960 | 55,722,519 | |||
Matthews International Corporation Class A | 393,800 | 15,574,790 | |||
Nesco Holdings Incorporated (Acquired 12-18-2020, cost $17,500,000) ♦‡> | 3,500,000 | 26,812,118 | |||
Viad Corporation ♠ | 1,115,060 | 46,553,755 | |||
241,195,383 | |||||
Construction & engineering: 0.98% | |||||
APi Group Corporation 144A† | 2,710,285 | 56,048,694 |
Shares | Value | ||||
Electrical equipment: 2.19% | |||||
Atkore International Incorporated † | 1,479,337 | $ 106,364,330 | |||
Babcock & Wilcox Enterprises Incorporated †## | 1,969,354 | 18,649,782 | |||
125,014,112 | |||||
Machinery: 8.37% | |||||
Alamo Group Incorporated | 218,300 | 34,087,545 | |||
Douglas Dynamics Incorporated ♠ | 1,360,144 | 62,770,646 | |||
Franklin Electric Company Incorporated | 1,534,179 | 121,108,090 | |||
Kadant Incorporated | 316,410 | 58,539,014 | |||
Mayville Engineering Company Incorporated † | 738,068 | 10,613,418 | |||
Mueller Industries Incorporated ♠ | 3,195,234 | 132,122,926 | |||
NN Incorporated † | 1,319,115 | 9,326,143 | |||
Trimas Corporation † | 1,662,048 | 50,393,295 | |||
478,961,077 | |||||
Professional services: 1.90% | |||||
CBIZ Incorporated † | 1,434,281 | 46,843,617 | |||
Korn Ferry International | 992,737 | 61,917,007 | |||
108,760,624 | |||||
Road & rail: 0.76% | |||||
Werner Enterprises Incorporated | 917,994 | 43,301,777 | |||
Trading companies & distributors: 0.40% | |||||
Air Lease Corporation | 470,800 | 23,069,200 | |||
Information technology: 4.69% | |||||
Communications equipment: 0.42% | |||||
Netgear Incorporated † | 589,800 | 24,240,780 | |||
Electronic equipment, instruments & components: 0.48% | |||||
Belden Incorporated | 613,168 | 27,206,264 | |||
IT services: 2.98% | |||||
Concentrix Corporation † | 322,104 | 48,225,411 | |||
Global Blue Group Holding AG ♦† | 4,536,905 | 55,259,503 | |||
Maximus Incorporated | 517,298 | 46,060,214 | |||
Sykes Enterprises Incorporated † | 474,200 | 20,902,736 | |||
170,447,864 | |||||
Semiconductors & semiconductor equipment: 0.81% | |||||
Brooks Automation Incorporated | 437,966 | 35,759,924 | |||
DSP Group Incorporated † | 761,420 | 10,850,235 | |||
46,610,159 | |||||
Materials: 15.80% | |||||
Chemicals: 7.51% | |||||
Atotech Limited † | 780,622 | 15,807,596 | |||
Avient Corporation | 2,651,160 | 125,320,333 | |||
Element Solutions Incorporated | 1,168,492 | 21,371,719 | |||
Ferro Corporation † | 1,023,600 | 17,257,896 | |||
Innospec Incorporated ♠ | 1,499,900 | 154,024,731 | |||
Minerals Technologies Incorporated | 188,856 | 14,224,634 |
Shares | Value | ||||
Chemicals (continued) | |||||
NewMarket Corporation | 156,693 | $ 59,568,411 | |||
PQ Group Holdings Incorporated | 1,337,178 | 22,330,873 | |||
429,906,193 | |||||
Construction materials: 3.04% | |||||
Eagle Materials Incorporated | 1,296,457 | 174,256,797 | |||
Containers & packaging: 2.28% | |||||
Myers Industries Incorporated | 1,607,760 | 31,769,338 | |||
Silgan Holdings Incorporated | 2,343,485 | 98,496,675 | |||
130,266,013 | |||||
Metals & mining: 0.59% | |||||
Compass Minerals International Incorporated | 537,300 | 33,699,456 | |||
Paper & forest products: 2.38% | |||||
Neenah Incorporated ♠ | 1,458,661 | 74,946,002 | |||
Schweitzer-Mauduit International Incorporated | 1,245,315 | 60,983,076 | |||
135,929,078 | |||||
Real estate: 0.58% | |||||
Equity REITs: 0.58% | |||||
Washington REIT | 1,489,610 | 32,920,381 | |||
Utilities: 2.02% | |||||
Electric utilities: 2.02% | |||||
ALLETE Incorporated | 600,100 | 40,320,719 | |||
Hawaiian Electric Industries Incorporated | 1,691,006 | 75,131,397 | |||
115,452,116 | |||||
Total Common stocks (Cost $3,964,771,425) | 5,361,781,526 |
Exchange-traded funds: 1.36% | |||||
iShares Russell 2000 Index ETF « | 352,600 | 77,903,444 | |||
Total Exchange-traded funds (Cost $77,662,116) | 77,903,444 |
Other instruments: 0.00% | |||||
Capital Investment Corporation (Acquired 3-2-2021, commitment amount $12,500,000, cost $0) ♦‡†>= | 1,250,000 | 0 | |||
Empower Limited (Acquired 3-11-2021, commitment amount $55,000,000, cost $0) ♦‡†>= | 5,500,000 | 0 | |||
Fortress Value Acquisition Corporation (Acquired 2-19-2021, commitment amount $9,287,000, cost $0) ♦‡†>= | 928,700 | 0 | |||
Landcadia Holdings III Incorporated (Acquired 1-22-2021, commitment amount $36,229,000, cost $0) ♦‡†>= | 3,622,900 | 0 | |||
Total Other instruments (Cost $0) | 0 |
Yield | Shares | Value | |||
Short-term investments: 5.55% | |||||
Investment companies: 5.55% | |||||
Securities Lending Cash Investments LLC ♠∩∞ | 0.04% | 88,068,134 | $ 88,068,134 | ||
Wells Fargo Government Money Market Fund Select Class ♠∞# | 0.03 | 229,802,237 | 229,802,237 | ||
Total Short-term investments (Cost $317,870,371) | 317,870,371 | ||||
Total investments in securities (Cost $4,360,303,912) | 100.59% | 5,757,555,341 | |||
Other assets and liabilities, net | (0.59) | (33,683,209) | |||
Total net assets | 100.00% | $5,723,872,132 |
† | Non-income-earning security |
♦ | The security is fair valued in accordance with procedures approved by the Board of Trustees. |
‡ | Security is valued using significant unobservable inputs. |
> | Restricted security as to resale, excluding Rule 144A securities. The Fund held restricted securities with an aggregate current value of $26,812,118 (original aggregate cost of $17,500,000), representing 0.47% of its net assets as of period end. |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
= | All or a portion of the position represents an unfunded purchase commitment. The Fund held securities with an aggregate unfunded commitment amount of $113,016,000, representing 1.97% of its net assets as of period end. |
# | All or a portion of this security is segregated as collateral for investments in unfunded restricted securities. |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
## | All or a portion of this security is segregated as collateral for investments in derivative instruments. |
Abbreviations: | |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | % of net assets | Shares, end of period | Income from affiliated securities | ||||
Common stocks | ||||||||||||
Communication services | ||||||||||||
Media | ||||||||||||
A.H. Belo Corporation Class A | $ 3,460,965 | $ 2,903 | $ 0 | $ 0 | $ 745,160 | $ 4,209,028 | 2,013,889 | $ 402,506 | ||||
Consumer discretionary | ||||||||||||
Hotels, restaurants & leisure | ||||||||||||
Denny’s Corporation† | 28,951,496 | 9,989,252 | (5,838,593) | (3,913,290) | 49,045,755 | 78,234,620 | 4,319,968 | 0 | ||||
Dine Brands Global Incorporated* | 27,527,121 | 9,359,761 | (14,751,536) | (6,530,380) | 56,882,328 | 72,487,294 | 805,146 | 0 | ||||
Textiles, apparel & luxury goods | ||||||||||||
Delta Apparel Incorporated† | 5,828,580 | 546,055 | 0 | 0 | 9,396,088 | 15,770,723 | 581,302 | 0 | ||||
Consumer staples | ||||||||||||
Household products | ||||||||||||
Central Garden & Pet Company† | 21,984,105 | 381,304 | (1,083,329) | (86,784) | 24,175,601 | 45,370,897 | 782,122 | 0 | ||||
Financials | ||||||||||||
Capital markets | ||||||||||||
Glassbridge Enterprises Incorporated† | 76,365 | 0 | 0 | 0 | 30,525 | 106,890 | 1,527 | 0 | ||||
Westwood Holdings Group Incorporated | 7,999,328 | 30,304 | 0 | 0 | (1,683,384) | 6,346,248 | 438,883 | 43,888 | ||||
Diversified financial services | ||||||||||||
Juniper Industrial Holdings Incorporated Class A† | 0 | 28,663,085 | 0 | 0 | 1,341,865 | 30,004,950 | 2,419,754 | 0 | ||||
Pine Island Acquisition Corporation†,* | 0 | 11,497,440 | (1,469,753) | 513,863 | 316,247 | 10,857,797 | 1,054,155 | 0 | ||||
Industrials | ||||||||||||
Building products | ||||||||||||
CSW Industrials Incorporated | 53,025,835 | 13,213,729 | (15,721,856) | 4,997,502 | 51,283,965 | 106,799,175 | 791,105 | 443,477 | ||||
Quanex Building Products Corporation | 17,678,576 | 9,270,648 | 0 | 0 | 31,853,820 | 58,803,044 | 2,241,824 | 643,862 | ||||
Commercial services & supplies | ||||||||||||
Viad Corporation | 16,011,454 | 8,099,687 | (727,223) | (661,696) | 23,831,533 | 46,553,755 | 1,115,060 | 0 | ||||
Machinery | ||||||||||||
Douglas Dynamics Incorporated | 29,170,293 | 22,076,259 | (2,143,909) | (403,892) | 14,071,895 | 62,770,646 | 1,360,144 | 1,261,193 | ||||
Mueller Industries Incorporated | 60,962,205 | 19,852,224 | 0 | 0 | 51,308,497 | 132,122,926 | 3,195,234 | 1,259,996 | ||||
Materials | ||||||||||||
Chemicals | ||||||||||||
Innospec Incorporated | 68,557,097 | 42,151,568 | (1,192,112) | (363,250) | 44,871,428 | 154,024,731 | 1,499,900 | 1,207,698 | ||||
Paper & forest products | ||||||||||||
Neenah Incorporated | 48,908,342 | 14,819,237 | 0 | 0 | 11,218,423 | 74,946,002 | 1,458,661 | 2,488,412 | ||||
899,408,726 | 15.71% | |||||||||||
Short-term investments | ||||||||||||
Investment companies | ||||||||||||
Securities Lending Cash Investments LLC | 6,657,880 | 261,205,149 | (179,795,312) | 687 | (270) | 88,068,134 | 88,068,134 | 14,189 # | ||||
Wells Fargo Government Money Market Fund Select Class | 66,773,903 | 1,149,291,540 | (986,263,206) | 0 | 0 | 229,802,237 | 229,802,237 | 62,274 | ||||
317,870,371 | 5.55 | |||||||||||
$(6,447,240) | $368,689,476^ | $1,217,279,097^ | 21.26% | $7,827,495 |
† | Non-income-earning security |
* | No longer an affiliate of the Fund at the end of the period. |
# | Amount shown represents income before fees and rebates. |
^ | Amount may differ from the value reported on the respective financial statement due to securities that were not deemed affiliates of the Fund either at the beginning or end of the period. |
Description | Counterparty | Number of contracts | Notional amount | Exercise price | Expiration date | Value |
Call | ||||||
Babcock & Wilcox Enterprises Incorporated | Bank of America Securities Incorporated | (1,000) | $ (750,000) | $ 7.50 | 4-16-2021 | $ (205,000) |
Owens & Minor Incorporated | Bank of America Securities Incorporated | (1,000) | (4,000,000) | 40.00 | 4-16-2021 | (100,000) |
Put | ||||||
Chesapeake Energy Corporation | Bank of America Securities Incorporated | 250 | 1,125,000 | 45.00 | 4-16-2021 | (76,250) |
Gates Industrial Corporation plc | Bank of America Securities Incorporated | 1,000 | 1,500,000 | 15.00 | 4-16-2021 | (25,000) |
Owens & Minor Incorporated | Bank of America Securities Incorporated | 2,000 | 6,500,000 | 32.50 | 4-16-2021 | (65,000) |
Owens & Minor Incorporated | Bank of America Securities Incorporated | 1,000 | 3,500,000 | 35.00 | 4-16-2021 | (77,500) |
Tupperware Brands Corporation | Bank of America Securities Incorporated | 1,000 | 2,700,000 | 27.00 | 4-16-2021 | (160,000) |
$(708,750) |
Assets | |
Investments in unaffiliated securities (including $87,194,562 of securities loaned), at value (cost $3,447,365,220) | $ 4,623,621,335 |
Investments in affiliated securites, at value (cost $912,938,692) | 1,133,934,006 |
Cash | 44,405,033 |
Cash at broker segregated for written options | 15,324,952 |
Receivable for Fund shares sold | 33,304,197 |
Receivable for investments sold | 7,761,915 |
Receivable for dividends | 7,124,962 |
Receivable for securities lending income, net | 26,603 |
Prepaid expenses and other assets | 167,161 |
Total assets | 5,865,670,164 |
Liabilities | |
Payable upon receipt of securities loaned | 88,068,134 |
Payable for investments purchased | 39,233,974 |
Payable for Fund shares redeemed | 9,520,856 |
Management fee payable | 3,658,958 |
Written options at value (premiums received $1,861,983) | 708,750 |
Administration fees payable | 541,336 |
Distribution fees payable | 12,240 |
Trustees’ fees and expenses payable | 197 |
Accrued expenses and other liabilities | 53,587 |
Total liabilities | 141,798,032 |
Total net assets | $5,723,872,132 |
Net assets consist of | |
Paid-in capital | $ 4,238,071,951 |
Total distributable earnings | 1,485,800,181 |
Total net assets | $5,723,872,132 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 797,193,178 |
Shares outstanding – Class A1 | 18,813,453 |
Net asset value per share – Class A | $42.37 |
Maximum offering price per share – Class A2 | $44.95 |
Net assets – Class C | $ 14,063,372 |
Shares outstanding – Class C1 | 371,034 |
Net asset value per share – Class C | $37.90 |
Net assets – Class R | $ 14,732,847 |
Shares outstanding – Class R1 | 342,578 |
Net asset value per share – Class R | $43.01 |
Net assets – Class R6 | $ 1,598,340,726 |
Shares outstanding – Class R61 | 36,735,882 |
Net asset value per share – Class R6 | $43.51 |
Net assets – Administrator Class | $ 196,801,441 |
Shares outstanding – Administrator Class1 | 4,524,227 |
Net asset value per share – Administrator Class | $43.50 |
Net assets – Institutional Class | $ 3,102,740,568 |
Shares outstanding – Institutional Class1 | 71,302,267 |
Net asset value per share – Institutional Class | $43.52 |
1 | The Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends (net of foreign withholdings taxes of $108,421) | $ 55,541,048 |
Income from affiliated securities | 7,938,317 |
Total investment income | 63,479,365 |
Expenses | |
Management fee | 29,667,433 |
Administration fees | |
Class A | 1,158,238 |
Class C | 26,181 |
Class R | 15,530 |
Class R6 | 279,744 |
Administrator Class | 166,419 |
Institutional Class | 2,752,060 |
Shareholder servicing fees | |
Class A | 1,376,469 |
Class C | 31,055 |
Class R | 18,461 |
Administrator Class | 318,311 |
Distribution fees | |
Class C | 93,156 |
Class R | 18,426 |
Custody and accounting fees | 125,992 |
Professional fees | 50,740 |
Registration fees | 133,243 |
Shareholder report expenses | 229,980 |
Trustees’ fees and expenses | 19,425 |
Other fees and expenses | 67,261 |
Total expenses | 36,548,124 |
Less: Fee waivers and/or expense reimbursements | |
Class A | (1,470) |
Class C | (2) |
Administrator Class | (2,952) |
Institutional Class | (116,079) |
Net expenses | 36,427,621 |
Net investment income | 27,051,744 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | 120,373,639 |
Affiliated securities | (6,447,240) |
Written options | 30,469,710 |
Net realized gains on investments | 144,396,109 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 1,796,105,727 |
Affiliated securities | 325,030,831 |
Written options | 1,153,233 |
Net change in unrealized gains (losses) on investments | 2,122,289,791 |
Net realized and unrealized gains (losses) on investments | 2,266,685,900 |
Net increase in net assets resulting from operations | $2,293,737,644 |
Year ended March 31, 2021 | Year ended March 31, 2020 | |||
Operations | ||||
Net investment income | $ 27,051,744 | $ 32,238,436 | ||
Net realized gains (losses) on investments | 144,396,109 | (28,022,423) | ||
Net change in unrealized gains (losses) on investments | 2,122,289,791 | (865,018,628) | ||
Net increase (decrease) in net assets resulting from operations | 2,293,737,644 | (860,802,615) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (2,445,539) | (9,432,361) | ||
Class C | (4,280) | (189,721) | ||
Class R | (6,642) | (105,231) | ||
Class R6 | (7,859,335) | (14,944,792) | ||
Administrator Class | (538,350) | (2,900,116) | ||
Institutional Class | (15,451,748) | (42,284,810) | ||
Total distributions to shareholders | (26,305,894) | (69,857,031) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 7,294,082 | 230,613,268 | 3,993,891 | 126,764,233 |
Class C | 16,692 | 494,243 | 14,309 | 410,897 |
Class R | 250,757 | 9,097,592 | 105,504 | 3,331,686 |
Class R6 | 21,980,351 | 761,400,701 | 12,282,599 | 409,146,441 |
Administrator Class | 2,055,132 | 75,004,672 | 950,962 | 30,825,292 |
Institutional Class | 34,987,937 | 1,135,204,199 | 37,766,400 | 1,218,872,323 |
2,211,814,675 | 1,789,350,872 | |||
Reinvestment of distributions | ||||
Class A | 62,952 | 2,222,955 | 245,514 | 8,523,533 |
Class C | 130 | 4,085 | 5,647 | 174,030 |
Class R | 185 | 6,607 | 2,978 | 104,729 |
Class R6 | 191,793 | 6,947,813 | 363,920 | 12,981,573 |
Administrator Class | 14,723 | 533,619 | 80,270 | 2,859,904 |
Institutional Class | 341,159 | 12,364,859 | 941,495 | 33,591,380 |
22,079,938 | 58,235,149 | |||
Payment for shares redeemed | ||||
Class A | (4,832,719) | (153,758,673) | (4,543,391) | (146,758,224) |
Class C | (189,809) | (5,180,413) | (329,922) | (9,451,149) |
Class R | (127,826) | (4,228,425) | (95,708) | (3,223,069) |
Class R6 | (9,626,235) | (315,055,102) | (4,383,465) | (144,270,795) |
Administrator Class | (1,933,125) | (59,966,242) | (1,570,212) | (51,008,335) |
Institutional Class | (25,069,313) | (788,171,169) | (19,400,901) | (608,738,214) |
(1,326,360,024) | (963,449,786) | |||
Net increase in net assets resulting from capital share transactions | 907,534,589 | 884,136,235 | ||
Total increase (decrease) in net assets | 3,174,966,339 | (46,523,411) | ||
Net assets | ||||
Beginning of period | 2,548,905,793 | 2,595,429,204 | ||
End of period | $ 5,723,872,132 | $2,548,905,793 |
Year ended March 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $23.39 | $31.74 | $34.42 | $33.15 | $27.40 |
Net investment income | 0.14 1 | 0.24 | 0.22 | 0.24 | 0.35 1 |
Net realized and unrealized gains (losses) on investments | 18.98 | (8.00) | (0.69) | 2.89 | 6.15 |
Total from investment operations | 19.12 | (7.76) | (0.47) | 3.13 | 6.50 |
Distributions to shareholders from | |||||
Net investment income | (0.13) | (0.28) | (0.15) | (0.32) | (0.18) |
Net realized gains | (0.01) | (0.31) | (2.06) | (1.54) | (0.57) |
Total distributions to shareholders | (0.14) | (0.59) | (2.21) | (1.86) | (0.75) |
Net asset value, end of period | $42.37 | $23.39 | $31.74 | $34.42 | $33.15 |
Total return2 | 81.92% | (25.08)% | (0.87)% | 9.42% | 23.69% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.27% | 1.27% | 1.29% | 1.31% | 1.32% |
Net expenses | 1.27% | 1.27% | 1.29% | 1.31% | 1.32% |
Net investment income | 0.43% | 0.75% | 0.67% | 0.66% | 1.14% |
Supplemental data | |||||
Portfolio turnover rate | 40% | 39% | 32% | 41% | 51% |
Net assets, end of period (000s omitted) | $797,193 | $381,058 | $526,656 | $539,499 | $575,269 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended March 31 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $20.99 | $28.49 | $31.21 | $30.19 | $25.05 |
Net investment income (loss) | (0.08) 1 | (0.01) 1 | (0.05) 1 | (0.03) 1 | 0.12 1 |
Net realized and unrealized gains (losses) on investments | 17.00 | (7.18) | (0.61) | 2.64 | 5.59 |
Total from investment operations | 16.92 | (7.19) | (0.66) | 2.61 | 5.71 |
Distributions to shareholders from | |||||
Net investment income | 0.00 | 0.00 | 0.00 | (0.05) | 0.00 |
Net realized gains | (0.01) | (0.31) | (2.06) | (1.54) | (0.57) |
Total distributions to shareholders | (0.01) | (0.31) | (2.06) | (1.59) | (0.57) |
Net asset value, end of period | $37.90 | $20.99 | $28.49 | $31.21 | $30.19 |
Total return2 | 80.71% | (25.65)% | (1.63)% | 8.60% | 22.75% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 2.01% | 2.02% | 2.04% | 2.06% | 2.07% |
Net expenses | 2.01% | 2.02% | 2.04% | 2.06% | 2.07% |
Net investment income (loss) | (0.29)% | (0.04)% | (0.13)% | (0.10)% | 0.42% |
Supplemental data | |||||
Portfolio turnover rate | 40% | 39% | 32% | 41% | 51% |
Net assets, end of period (000s omitted) | $14,063 | $11,419 | $24,334 | $53,145 | $60,309 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended March 31 | |||||
Class R | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $23.73 | $32.20 | $34.94 | $33.73 | $27.97 |
Net investment income | 0.07 | 0.16 | 0.18 | 0.17 | 0.63 1 |
Net realized and unrealized gains (losses) on investments | 19.25 | (8.12) | (0.74) | 2.92 | 5.94 |
Total from investment operations | 19.32 | (7.96) | (0.56) | 3.09 | 6.57 |
Distributions to shareholders from | |||||
Net investment income | (0.03) | (0.20) | (0.12) | (0.34) | (0.24) |
Net realized gains | (0.01) | (0.31) | (2.06) | (1.54) | (0.57) |
Total distributions to shareholders | (0.04) | (0.51) | (2.18) | (1.88) | (0.81) |
Net asset value, end of period | $43.01 | $23.73 | $32.20 | $34.94 | $33.73 |
Total return | 81.50% | (25.29)% | (1.11)% | 9.13% | 23.47% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.51% | 1.52% | 1.55% | 1.57% | 1.56% |
Net expenses | 1.51% | 1.52% | 1.55% | 1.56% | 1.56% |
Net investment income | 0.13% | 0.46% | 0.47% | 0.43% | 1.86% |
Supplemental data | |||||
Portfolio turnover rate | 40% | 39% | 32% | 41% | 51% |
Net assets, end of period (000s omitted) | $14,733 | $5,209 | $6,656 | $4,631 | $785 |
1 | Calculated based upon average shares outstanding |
Year ended March 31 | |||||
Class R6 | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $24.00 | $32.55 | $35.25 | $33.93 | $28.01 |
Net investment income | 0.28 | 0.37 | 0.38 | 0.38 1 | 0.61 1 |
Net realized and unrealized gains (losses) on investments | 19.49 | (8.17) | (0.72) | 2.97 | 6.18 |
Total from investment operations | 19.77 | (7.80) | (0.34) | 3.35 | 6.79 |
Distributions to shareholders from | |||||
Net investment income | (0.25) | (0.44) | (0.30) | (0.49) | (0.30) |
Net realized gains | (0.01) | (0.31) | (2.06) | (1.54) | (0.57) |
Total distributions to shareholders | (0.26) | (0.75) | (2.36) | (2.03) | (0.87) |
Net asset value, end of period | $43.51 | $24.00 | $32.55 | $35.25 | $33.93 |
Total return | 82.77% | (24.78)% | (0.42)% | 9.85% | 24.22% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.84% | 0.84% | 0.86% | 0.88% | 0.89% |
Net expenses | 0.84% | 0.84% | 0.86% | 0.88% | 0.89% |
Net investment income | 0.84% | 1.12% | 1.16% | 0.10% | 1.87% |
Supplemental data | |||||
Portfolio turnover rate | 40% | 39% | 32% | 41% | 51% |
Net assets, end of period (000s omitted) | $1,598,341 | $580,535 | $518,377 | $254,801 | $176,362 |
1 | Calculated based upon average shares outstanding |
Year ended March 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $24.00 | $32.55 | $35.22 | $33.90 | $28.02 |
Net investment income | 0.16 1 | 0.26 1 | 0.27 1 | 0.27 1 | 0.44 1 |
Net realized and unrealized gains (losses) on investments | 19.48 | (8.18) | (0.71) | 2.97 | 6.24 |
Total from investment operations | 19.64 | (7.92) | (0.44) | 3.24 | 6.68 |
Distributions to shareholders from | |||||
Net investment income | (0.13) | (0.32) | (0.17) | (0.38) | (0.23) |
Net realized gains | (0.01) | (0.31) | (2.06) | (1.54) | (0.57) |
Total distributions to shareholders | (0.14) | (0.63) | (2.23) | (1.92) | (0.80) |
Net asset value, end of period | $43.50 | $24.00 | $32.55 | $35.22 | $33.90 |
Total return | 82.13% | (25.03)% | (0.77)% | 9.52% | 23.82% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.19% | 1.19% | 1.21% | 1.23% | 1.24% |
Net expenses | 1.18% | 1.19% | 1.20% | 1.20% | 1.20% |
Net investment income | 0.51% | 0.79% | 0.74% | 0.76% | 1.36% |
Supplemental data | |||||
Portfolio turnover rate | 40% | 39% | 32% | 41% | 51% |
Net assets, end of period (000s omitted) | $196,801 | $105,286 | $160,369 | $229,992 | $199,262 |
1 | Calculated based upon average shares outstanding |
Year ended March 31 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $24.01 | $32.56 | $35.27 | $33.94 | $28.03 |
Net investment income | 0.25 1 | 0.31 | 0.33 | 0.33 | 0.60 1 |
Net realized and unrealized gains (losses) on investments | 19.50 | (8.14) | (0.70) | 3.01 | 6.17 |
Total from investment operations | 19.75 | (7.83) | (0.37) | 3.34 | 6.77 |
Distributions to shareholders from | |||||
Net investment income | (0.23) | (0.41) | (0.28) | (0.47) | (0.29) |
Net realized gains | (0.01) | (0.31) | (2.06) | (1.54) | (0.57) |
Total distributions to shareholders | (0.24) | (0.72) | (2.34) | (2.01) | (0.86) |
Net asset value, end of period | $43.52 | $24.01 | $32.56 | $35.27 | $33.94 |
Total return | 82.59% | (24.85)% | (0.53)% | 9.82% | 24.13% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.94% | 0.94% | 0.96% | 0.98% | 0.99% |
Net expenses | 0.93% | 0.94% | 0.94% | 0.94% | 0.94% |
Net investment income | 0.77% | 1.07% | 1.04% | 1.02% | 1.86% |
Supplemental data | |||||
Portfolio turnover rate | 40% | 39% | 32% | 41% | 51% |
Net assets, end of period (000s omitted) | $3,102,741 | $1,465,398 | $1,359,038 | $1,196,501 | $921,732 |
1 | Calculated based upon average shares outstanding |
Gross unrealized gains | $1,512,333,228 |
Gross unrealized losses | (149,333,978) |
Net unrealized gains | $1,362,999,250 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 4,209,028 | $ 0 | $ 0 | $ 4,209,028 |
Consumer discretionary | 443,058,984 | 0 | 0 | 443,058,984 |
Consumer staples | 631,168,532 | 0 | 0 | 631,168,532 |
Energy | 203,328,897 | 0 | 0 | 203,328,897 |
Financials | 1,170,956,541 | 106,890 | 0 | 1,171,063,431 |
Health care | 218,336,795 | 0 | 0 | 218,336,795 |
Industrials | 1,342,868,640 | 0 | 26,812,118 | 1,369,680,758 |
Information technology | 213,245,564 | 55,259,503 | 0 | 268,505,067 |
Materials | 904,057,537 | 0 | 0 | 904,057,537 |
Real estate | 32,920,381 | 0 | 0 | 32,920,381 |
Utilities | 115,452,116 | 0 | 0 | 115,452,116 |
Exchange-traded funds | 77,903,444 | 0 | 0 | 77,903,444 |
Other instruments | 0 | 0 | 0 | 0 |
Short-term investments | ||||
Investment companies | 317,870,371 | 0 | 0 | 317,870,371 |
Total assets | $5,675,376,830 | $55,366,393 | $26,812,118 | $5,757,555,341 |
Liabilities | ||||
Written options | $ 0 | $ 708,750 | $ 0 | $ 708,750 |
Total liabilities | $ 0 | $ 708,750 | $ 0 | $ 708,750 |
Average daily net assets | Management fee |
First $500 million | 0.850% |
Next $500 million | 0.825 |
Next $1 billion | 0.800 |
Next $1 billion | 0.775 |
Next $1 billion | 0.750 |
Next $1 billion | 0.730 |
Next $5 billion | 0.720 |
Over $10 billion | 0.710 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R | 0.21 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.31% |
Class C | 2.06 |
Class R | 1.56 |
Class R6 | 0.89 |
Administrator Class | 1.20 |
Institutional Class | 0.94 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Bank of America Securities Incorporated | $ 2,067,650 | $ (2,067,650) | $0 |
Barclays Capital Incorporated | 46,118,924 | (46,118,924) | 0 |
BNP Paribas Securities Corporation | 16,879,420 | (16,879,420) | 0 |
Citigroup Global Markets Incorporated | 1,476,013 | (1,476,013) | 0 |
Credit Suisse Securities (USA) LLC | 1,626,100 | (1,626,100) | 0 |
Deutsche Bank Securities Incorporated | 42,653 | (42,653) | 0 |
JPMorgan Securities LLC | 8,171,828 | (8,171,828) | 0 |
Morgan Stanley & Company LLC | 2,517,497 | (2,517,497) | 0 |
National Financial Services LLC | 208,142 | (208,142) | 0 |
UBS Securities LLC | 8,086,335 | (8,086,335) | 0 |
1 | Collateral pledged within this table is limited to the collateral for the net transaction with the counterparty. |
Counterparty | Value of written options | Collateral pledged1 | Net amount |
Bank of America Securities Incorporated | $708,750 | $(708,750) | $0 |
Year ended March 31 | ||
2021 | 2020 | |
Ordinary income | $25,059,755 | $45,960,918 |
Long-term capital gain | 1,246,139 | 23,896,113 |
Undistributed ordinary income | Undistributed long-term gain | Unrealized gains |
$88,411,683 | $34,416,813 | $1,362,999,250 |
Wells Fargo Funds Trust:
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status). | CIGNA Corporation |
Judith M. Johnson (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Michelle Rhee (Born 1966) | Chief Legal Officer, since 2019 | Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018. |
Catherine Kennedy (Born 1969) | Secretary, since 2019 | Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010. |
Michael H. Whitaker (Born 1967) | Chief Compliance Officer, since 2016 | Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016. |
P.O. Box 219967
Kansas City, MO 64121-9967
A246/AR246 03-21
Small Cap Growth Fund
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
6 | The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
President
Wells Fargo Funds
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management Incorporated |
Portfolio managers | Michael T. Smith, CFA®‡, Christopher J. Warner, CFA®‡ |
Average annual total returns (%) as of March 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (EGWAX) | 6-5-1995 | 87.87 | 22.16 | 13.51 | 99.31 | 23.63 | 14.18 | 1.53 | 1.24 | ||
Class C (EGWCX) | 7-30-2010 | 97.22 | 22.75 | 13.34 | 98.22 | 22.75 | 13.34 | 2.28 | 1.99 | ||
Class R6 (EGWRX)3 | 5-29-2020 | – | – | – | 100.33 | 24.08 | 14.59 | 1.10 | 0.81 | ||
Administrator Class (EGWDX) | 7-30-2010 | – | – | – | 101.97 | 24.10 | 14.48 | 1.45 | 1.16 | ||
Institutional Class (EGRYX) | 11-19-1997 | – | – | – | 100.11 | 24.05 | 14.57 | 1.20 | 0.91 | ||
Russell 2000® Growth Index4 | – | – | – | – | 90.20 | 18.61 | 13.02 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through July 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.23% for Class A, 1.98% for Class C, 0.80% for Class R6, 1.15% for Administrator Class, and 0.90% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
4 | The Russell 2000® Growth Index measures the performance of those Russell 2000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
1 | The chart compares the performance of Class A shares for the most recent ten years with the Russell 2000® Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund outperformed its benchmark, the Russell 2000® Growth Index, for the 12-month period that ended March 31, 2021. |
■ | Select holdings within the health care, information technology, and consumer discretionary sectors contributed to the Fund’s performance. |
■ | Security selection within the industrials sector, along with an underweight to the consumer discretionary sector, weighed on performance. |
Ten largest holdings (%) as of March 31, 20211 | |
SiteOne Landscape Supply Incorporated | 2.25 |
Casella Waste Systems Incorporated Class A | 2.14 |
QTS Realty Trust Incorporated Class A | 2.13 |
Five9 Incorporated | 2.13 |
Inari Medical Incorporated | 2.02 |
Shockwave Medical Incorporated | 1.99 |
Saia Incorporated | 1.97 |
Natera Incorporated | 1.81 |
Inspire Medical Systems Incorporated | 1.76 |
Tetra Tech Incorporated | 1.71 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of March 31, 20211 |
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
1 | * This security was no longer held at the end of the reporting period. |
Beginning account value 10-1-2020 | Ending account value 3-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,236.54 | $ 6.86 | 1.23% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.80 | $ 6.19 | 1.23% |
Class C | ||||
Actual | $1,000.00 | $1,232.64 | $11.02 | 1.98% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.06 | $ 9.95 | 1.98% |
Class R6 | ||||
Actual | $1,000.00 | $1,239.59 | $ 4.47 | 0.80% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.94 | $ 4.03 | 0.80% |
Administrator Class | ||||
Actual | $1,000.00 | $1,237.49 | $ 6.42 | 1.15% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.20 | $ 5.79 | 1.15% |
Institutional Class | ||||
Actual | $1,000.00 | $1,238.76 | $ 5.02 | 0.90% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.44 | $ 4.53 | 0.90% |
Shares | Value | ||||
Common stocks: 99.34% | |||||
Communication services: 1.39% | |||||
Interactive media & services: 0.26% | |||||
Bumble Incorporated Class A † | 6,337 | $ 395,302 | |||
Media: 1.13% | |||||
Cardlytics Incorporated † | 15,952 | 1,749,934 | |||
Consumer discretionary: 9.90% | |||||
Auto components: 0.80% | |||||
Stoneridge Incorporated † | 39,025 | 1,241,385 | |||
Diversified consumer services: 1.48% | |||||
Chegg Incorporated † | 26,716 | 2,288,493 | |||
Hotels, restaurants & leisure: 1.31% | |||||
Playa Hotels & Resorts NV † | 278,275 | 2,031,408 | |||
Internet & direct marketing retail: 3.76% | |||||
Etsy Incorporated † | 11,757 | 2,371,034 | |||
Magnite Incorporated † | 36,164 | 1,504,784 | |||
Redbubble Limited † | 507,297 | 1,930,440 | |||
5,806,258 | |||||
Leisure products: 2.55% | |||||
Callaway Golf Company | 73,222 | 1,958,689 | |||
Games Workshop Group plc | 14,488 | 1,990,324 | |||
3,949,013 | |||||
Financials: 2.50% | |||||
Capital markets: 0.78% | |||||
Open Lending Corporation Class A † | 34,162 | 1,210,018 | |||
Consumer finance: 0.46% | |||||
LendingTree Incorporated †« | 3,367 | 717,171 | |||
Insurance: 1.26% | |||||
Goosehead Insurance Incorporated Class A | 18,160 | 1,946,389 | |||
Health care: 32.69% | |||||
Biotechnology: 12.36% | |||||
Black Diamond Therapeutics Incorporated † | 14,903 | 361,547 | |||
CareDx Incorporated † | 30,705 | 2,090,705 | |||
Chemocentryx Incorporated † | 18,988 | 972,945 | |||
Chimerix Incorporated † | 94,997 | 915,771 | |||
CRISPR Therapeutics AG † | 7,010 | 854,169 | |||
Deciphera Pharmaceuticals Incorporated † | 21,141 | 947,962 | |||
IGM Biosciences Incorporated †« | 6,568 | 503,700 | |||
MaxCyte Incorporated † | 103,890 | 1,260,359 | |||
Mirati Therapeutics Incorporated † | 5,548 | 950,372 | |||
Natera Incorporated † | 27,544 | 2,796,818 | |||
Nurix Therapeutics Incorporated † | 11,978 | 372,396 | |||
ORIC Pharmaceuticals Incorporated † | 27,599 | 676,176 | |||
Turning Point Therapeutics Incorporated † | 12,143 | 1,148,606 | |||
Twist Bioscience Corporation † | 14,848 | 1,839,073 |
Shares | Value | ||||
Biotechnology (continued) | |||||
Veracyte Incorporated † | 28,082 | $ 1,509,408 | |||
Zai Lab Limited ADR † | 11,205 | 1,495,083 | |||
Zymeworks Incorporated † | 13,247 | 418,340 | |||
19,113,430 | |||||
Health care equipment & supplies: 9.00% | |||||
Axonics Modulation Technologies Incorporated † | 26,771 | 1,603,315 | |||
Cryoport Incorporated † | 27,985 | 1,455,500 | |||
Heska Corporation † | 11,214 | 1,889,110 | |||
Inari Medical Incorporated † | 29,200 | 3,124,400 | |||
iRhythm Technologies Incorporated † | 11,809 | 1,639,798 | |||
Pulmonx Corporation † | 24,618 | 1,126,027 | |||
Shockwave Medical Incorporated † | 23,625 | 3,077,393 | |||
13,915,543 | |||||
Health care providers & services: 5.34% | |||||
Amedisys Incorporated † | 7,779 | 2,059,801 | |||
HealthEquity Incorporated † | 35,311 | 2,401,148 | |||
Option Care Health Incorporated † | 143,020 | 2,537,175 | |||
Progyny Incorporated † | 28,482 | 1,267,734 | |||
8,265,858 | |||||
Health care technology: 4.89% | |||||
Inspire Medical Systems Incorporated † | 13,192 | 2,730,612 | |||
Phreesia Incorporated † | 33,119 | 1,725,500 | |||
Schrodinger Incorporated † | 22,079 | 1,684,407 | |||
Simulations Plus Incorporated | 22,465 | 1,420,687 | |||
7,561,206 | |||||
Life sciences tools & services: 0.49% | |||||
Berkeley Lights Incorporated † | 15,014 | 754,153 | |||
Pharmaceuticals: 0.61% | |||||
Arvinas Incorporated † | 14,406 | 952,237 | |||
Industrials: 15.98% | |||||
Aerospace & defense: 0.79% | |||||
Mercury Systems Incorporated † | 17,222 | 1,216,734 | |||
Air freight & logistics: 0.97% | |||||
Cargojet Incorporated | 11,587 | 1,495,882 | |||
Building products: 2.97% | |||||
Advanced Drainage Systems Incorporated | 25,391 | 2,625,175 | |||
Trex Company Incorporated † | 21,527 | 1,970,582 | |||
4,595,757 | |||||
Commercial services & supplies: 3.85% | |||||
Casella Waste Systems Incorporated Class A † | 51,997 | 3,305,449 | |||
Tetra Tech Incorporated | 19,540 | 2,651,969 | |||
5,957,418 | |||||
Construction & engineering: 1.27% | |||||
Construction Partners Incorporated Class A † | 65,797 | 1,966,014 |
Shares | Value | ||||
Electrical equipment: 1.35% | |||||
Allied Motion Technologies | 40,571 | $ 2,082,509 | |||
Machinery: 0.56% | |||||
Desktop Metal Incorporated †« | 58,786 | 875,911 | |||
Road & rail: 1.97% | |||||
Saia Incorporated † | 13,192 | 3,041,811 | |||
Trading companies & distributors: 2.25% | |||||
SiteOne Landscape Supply Incorporated † | 20,368 | 3,477,632 | |||
Information technology: 30.91% | |||||
Electronic equipment, instruments & components: 3.66% | |||||
Littelfuse Incorporated | 7,231 | 1,912,166 | |||
Nlight Incorporated † | 41,044 | 1,329,826 | |||
Novanta Incorporated † | 18,381 | 2,424,270 | |||
5,666,262 | |||||
IT services: 10.90% | |||||
EPAM Systems Incorporated † | 5,630 | 2,233,365 | |||
Euronet Worldwide Incorporated † | 12,806 | 1,771,070 | |||
Globant SA † | 10,874 | 2,257,551 | |||
Keywords Studios plc † | 64,356 | 2,283,682 | |||
MongoDB Incorporated † | 5,961 | 1,594,150 | |||
Paysafe Limited †« | 138,731 | 1,872,869 | |||
Shift4 Payments Incorporated Class A † | 30,414 | 2,494,252 | |||
WNS Holdings Limited ADR † | 32,512 | 2,355,169 | |||
16,862,108 | |||||
Semiconductors & semiconductor equipment: 3.88% | |||||
Lattice Semiconductor Corporation † | 51,873 | 2,335,322 | |||
MKS Instruments Incorporated | 12,474 | 2,312,929 | |||
Universal Display Corporation | 5,685 | 1,346,037 | |||
5,994,288 | |||||
Software: 12.47% | |||||
Avalara Incorporated † | 14,386 | 1,919,524 | |||
Bill.com Holdings Incorporated † | 13,026 | 1,895,283 | |||
Elastic NV † | 18,160 | 2,019,392 | |||
Five9 Incorporated † | 21,030 | 3,287,620 | |||
Jamf Holding Corporation † | 41,494 | 1,465,568 | |||
LivePerson Incorporated † | 44,082 | 2,324,885 | |||
Model N Incorporated † | 56,965 | 2,006,877 | |||
Sprout Social Incorporated Class A † | 30,127 | 1,740,136 | |||
Workiva Incorporated † | 29,697 | 2,621,057 | |||
19,280,342 | |||||
Materials: 1.26% | |||||
Containers & packaging: 1.26% | |||||
Ranpak Holdings Corporation † | 96,818 | 1,942,169 | |||
Real estate: 4.71% | |||||
Equity REITs: 4.71% | |||||
Innovative Industrial Properties Incorporated « | 9,770 | 1,760,163 |
Shares | Value | ||||
Equity REITs (continued) | |||||
QTS Realty Trust Incorporated Class A | 53,156 | $ 3,297,798 | |||
Rexford Industrial Realty Incorporated | 44,159 | 2,225,614 | |||
7,283,575 | |||||
Total Common stocks (Cost $95,545,057) | 153,636,210 |
Yield | |||||
Short-term investments: 3.68% | |||||
Investment companies: 3.68% | |||||
Securities Lending Cash Investments LLC ♠∩∞ | 0.04% | 5,017,845 | 5,017,845 | ||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03 | 672,531 | 672,531 | ||
Total Short-term investments (Cost $5,690,376) | 5,690,376 | ||||
Total investments in securities (Cost $101,235,433) | 103.02% | 159,326,586 | |||
Other assets and liabilities, net | (3.02) | (4,664,601) | |||
Total net assets | 100.00% | $154,661,985 |
† | Non-income-earning security |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | % of net assets | Shares, end of period | Income from affiliated securities | ||||
Short-term investments | ||||||||||||
Investment companies | ||||||||||||
Securities Lending Cash Investments LLC | $3,270,006 | $47,031,678 | $(45,284,143) | $304 | $0 | $ 5,017,845 | 5,017,845 | $ 2,398# | ||||
Wells Fargo Government Money Market Fund Select Class | 2,099,810 | 38,750,570 | (40,177,849) | 0 | 0 | 672,531 | 672,531 | 980 | ||||
$304 | $0 | $5,690,376 | 3.68% | $3,378 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $4,808,356 of securities loaned), at value (cost $95,545,057) | $ 153,636,210 |
Investments in affiliated securites, at value (cost $5,690,376) | 5,690,376 |
Foreign currency, at value (cost $338) | 337 |
Receivable for Fund shares sold | 410,251 |
Receivable for dividends | 62,594 |
Receivable for securities lending income, net | 2,474 |
Prepaid expenses and other assets | 40,770 |
Total assets | 159,843,012 |
Liabilities | |
Payable upon receipt of securities loaned | 5,017,845 |
Management fee payable | 85,347 |
Administration fees payable | 26,899 |
Payable for Fund shares redeemed | 2,730 |
Trustees’ fees and expenses payable | 1,638 |
Distribution fee payable | 980 |
Accrued expenses and other liabilities | 45,588 |
Total liabilities | 5,181,027 |
Total net assets | $154,661,985 |
Net assets consist of | |
Paid-in capital | $ 82,400,473 |
Total distributable earnings | 72,261,512 |
Total net assets | $154,661,985 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 132,937,018 |
Shares outstanding – Class A1 | 6,214,772 |
Net asset value per share – Class A | $21.39 |
Maximum offering price per share – Class A2 | $22.69 |
Net assets – Class C | $ 1,569,369 |
Shares outstanding – Class C1 | 86,812 |
Net asset value per share – Class C | $18.08 |
Net assets – Class R6 | $ 453,529 |
Shares outstanding – Class R61 | 17,251 |
Net asset value per share – Class R6 | $26.29 |
Net assets – Administrator Class | $ 390,809 |
Shares outstanding – Administrator Class1 | 15,303 |
Net asset value per share – Administrator Class | $25.54 |
Net assets – Institutional Class | $ 19,311,260 |
Shares outstanding – Institutional Class1 | 735,344 |
Net asset value per share – Institutional Class | $26.26 |
1 | The Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends (net of foreign withholdings taxes of $1,146) | $ 278,822 |
Securities lending income from affiliates, net | 24,827 |
Income from affiliated securities | 980 |
Total investment income | 304,629 |
Expenses | |
Management fee | 1,069,344 |
Administration fees | |
Class A | 229,062 |
Class C | 1,855 |
Class R6 | 12 1 |
Administrator Class | 253 |
Institutional Class | 20,292 |
Shareholder servicing fees | |
Class A | 272,460 |
Class C | 2,198 |
Administrator Class | 487 |
Distribution fee | |
Class C | 6,496 |
Custody and accounting fees | 19,310 |
Professional fees | 47,816 |
Registration fees | 66,454 |
Shareholder report expenses | 34,118 |
Trustees’ fees and expenses | 19,425 |
Other fees and expenses | 13,798 |
Total expenses | 1,803,380 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (278,229) |
Class A | (21,010) |
Administrator Class | (31) |
Institutional Class | (2,675) |
Net expenses | 1,501,435 |
Net investment loss | (1,196,806) |
Payment from affiliate | 2,422 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 18,309,982 |
Affiliated securities | 304 |
Net realized gains on investments | 18,310,286 |
Net change in unrealized gains (losses) on investments | 55,783,989 |
Net realized and unrealized gains (losses) on investments | 74,094,275 |
Net increase in net assets resulting from operations | $72,899,891 |
1 | For the period from May 29, 2020 (commencement of class operations) to March 31, 2021 |
Year ended March 31, 2021 | Year ended March 31, 2020 | |||
Operations | ||||
Net investment loss | $ (1,196,806) | $ (677,336) | ||
Payment from affiliate | 2,422 | 0 | ||
Net realized gains on investments | 18,310,286 | 4,662,301 | ||
Net change in unrealized gains (losses) on investments | 55,783,989 | (13,268,383) | ||
Net increase (decrease) in net assets resulting from operations | 72,899,891 | (9,283,418) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (2,946,281) | (5,407,235) | ||
Class C | (25,513) | (40,489) | ||
Class R6 | (982) 1 | N/A | ||
Administrator Class | (4,445) | (5,538) | ||
Institutional Class | (385,274) | (511,148) | ||
Total distributions to shareholders | (3,362,495) | (5,964,410) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 851,445 | 18,597,612 | 172,227 | 2,351,366 |
Class C | 52,448 | 945,378 | 29,980 | 352,632 |
Class R6 | 18,616 1 | 480,290 1 | N/A | N/A |
Administrator Class | 12,658 | 329,154 | 3,192 | 48,485 |
Institutional Class | 316,411 | 7,406,047 | 182,070 | 3,063,503 |
27,758,481 | 5,815,986 | |||
Reinvestment of distributions | ||||
Class A | 139,563 | 2,880,580 | 395,603 | 5,293,176 |
Class C | 1,415 | 24,733 | 3,263 | 37,357 |
Class R6 | 10 1 | 262 1 | N/A | N/A |
Administrator Class | 138 | 3,389 | 236 | 3,704 |
Institutional Class | 13,426 | 339,942 | 26,458 | 430,729 |
3,248,906 | 5,764,966 | |||
Payment for shares redeemed | ||||
Class A | (821,662) | (15,585,066) | (998,017) | (13,561,347) |
Class C | (9,108) | (150,170) | (21,365) | (235,126) |
Class R6 | (1,375) 1 | (36,477) 1 | N/A | N/A |
Administrator Class | (4,715) | (109,842) | (2,944) | (46,329) |
Institutional Class | (190,256) | (4,941,582) | (220,852) | (3,703,000) |
(20,823,137) | (17,545,802) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 10,184,250 | (5,964,850) | ||
Total increase (decrease) in net assets | 79,721,646 | (21,212,678) | ||
Net assets | ||||
Beginning of period | 74,940,339 | 96,153,017 | ||
End of period | $154,661,985 | $ 74,940,339 |
1 | For the period from May 29, 2020 (commencement of class operations) to March 31, 2021 |
Year ended March 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.00 | $13.28 | $15.32 | $14.08 | $12.05 |
Net investment loss | (0.18) 1 | (0.10) 1 | (0.11) 1 | (0.12) 1 | (0.10) 1 |
Net realized and unrealized gains (losses) on investments | 11.09 | (1.27) | 2.17 | 2.35 | 2.51 |
Total from investment operations | 10.91 | (1.37) | 2.06 | 2.23 | 2.41 |
Distributions to shareholders from | |||||
Net realized gains | (0.52) | (0.91) | (4.10) | (0.99) | (0.38) |
Net asset value, end of period | $21.39 | $11.00 | $13.28 | $15.32 | $14.08 |
Total return2 | 99.31% | (11.52)% | 17.46% | 16.08% | 20.10% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.47% | 1.52% | 1.51% | 1.52% | 1.51% |
Net expenses | 1.23% | 1.23% | 1.23% | 1.33% | 1.33% |
Net investment loss | (0.99)% | (0.74)% | (0.74)% | (0.79)% | (0.77)% |
Supplemental data | |||||
Portfolio turnover rate | 55% | 63% | 155% | 44% | 113% |
Net assets, end of period (000s omitted) | $132,937 | $66,472 | $86,006 | $84,738 | $82,734 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended March 31 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.39 | $11.55 | $13.94 | $12.99 | $11.22 |
Net investment loss | (0.28) 1 | (0.18) 1 | (0.20) 1 | (0.21) 1 | (0.18) 1 |
Payment from affiliate | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 9.48 | (1.07) | 1.91 | 2.15 | 2.33 |
Total from investment operations | 9.21 | (1.25) | 1.71 | 1.94 | 2.15 |
Distributions to shareholders from | |||||
Net realized gains | (0.52) | (0.91) | (4.10) | (0.99) | (0.38) |
Net asset value, end of period | $18.08 | $9.39 | $11.55 | $13.94 | $12.99 |
Total return2 | 98.22% 3 | (12.30)% | 16.69% | 15.17% | 19.26% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 2.20% | 2.26% | 2.26% | 2.27% | 2.26% |
Net expenses | 1.98% | 1.98% | 1.98% | 2.08% | 2.08% |
Net investment loss | (1.74)% | (1.49)% | (1.48)% | (1.54)% | (1.52)% |
Supplemental data | |||||
Portfolio turnover rate | 55% | 63% | 155% | 44% | 113% |
Net assets, end of period (000s omitted) | $1,569 | $395 | $349 | $274 | $225 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
3 | During the year ended March 31, 2021, the Fund received a payment from an affiliate which had an impact of 0.09% on the total return. See Note 4 in the Notes to Financial Statement for additional information. |
Year ended March 31 | |
Class R6 | 2021 1 |
Net asset value, beginning of period | $17.87 |
Net investment loss | (0.11) 2 |
Net realized and unrealized gains on investments | 9.05 |
Total from investment operations | 8.94 |
Distributions to shareholders from | |
Net realized gains | (0.52) |
Net asset value, end of period | $26.29 |
Total return3 | 50.11% |
Ratios to average net assets (annualized) | |
Gross expenses | 1.03% |
Net expenses | 0.80% |
Net investment loss | (0.54)% |
Supplemental data | |
Portfolio turnover rate | 55% |
Net assets, end of period (000s omitted) | $454 |
1 | For the period from May 29, 2020 (commencement of class operations) to March 31, 2021 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
Year ended March 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.91 | $15.43 | $17.14 | $15.63 | $13.29 |
Net investment loss | (0.20) 1 | (0.11) 1 | (0.11) 1 | (0.11) 1 | (0.09) 1 |
Payment from affiliate | 0.11 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 13.24 | (1.50) | 2.50 | 2.61 | 2.81 |
Total from investment operations | 13.15 | (1.61) | 2.39 | 2.50 | 2.72 |
Distributions to shareholders from | |||||
Net realized gains | (0.52) | (0.91) | (4.10) | (0.99) | (0.38) |
Net asset value, end of period | $25.54 | $12.91 | $15.43 | $17.14 | $15.63 |
Total return | 101.97% 2 | (11.52)% | 17.59% | 16.21% | 20.56% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.39% | 1.44% | 1.43% | 1.44% | 1.43% |
Net expenses | 1.15% | 1.15% | 1.15% | 1.20% | 1.20% |
Net investment loss | (0.90)% | (0.66)% | (0.62)% | (0.66)% | (0.64)% |
Supplemental data | |||||
Portfolio turnover rate | 55% | 63% | 155% | 44% | 113% |
Net assets, end of period (000s omitted) | $391 | $93 | $104 | $133 | $174 |
1 | Calculated based upon average shares outstanding |
2 | During the year ended March 31, 2021, the Fund received a payment from an affiliate which had an impact of 0.89% on the total return. See Note 4 in the Notes to Financial Statement for additional information. |
Year ended March 31 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.39 | $15.94 | $17.53 | $15.94 | $13.54 |
Net investment loss | (0.15) 1 | (0.07) 1 | (0.07) 1 | (0.08) 1 | (0.06) 1 |
Net realized and unrealized gains (losses) on investments | 13.54 | (1.57) | 2.58 | 2.66 | 2.84 |
Total from investment operations | 13.39 | (1.64) | 2.51 | 2.58 | 2.78 |
Distributions to shareholders from | |||||
Net realized gains | (0.52) | (0.91) | (4.10) | (0.99) | (0.38) |
Net asset value, end of period | $26.26 | $13.39 | $15.94 | $17.53 | $15.94 |
Total return | 100.11% | (11.29)% | 17.85% | 16.40% | 20.62% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.14% | 1.19% | 1.18% | 1.19% | 1.18% |
Net expenses | 0.90% | 0.90% | 0.90% | 0.98% | 0.98% |
Net investment loss | (0.66)% | (0.41)% | (0.41)% | (0.44)% | (0.43)% |
Supplemental data | |||||
Portfolio turnover rate | 55% | 63% | 155% | 44% | 113% |
Net assets, end of period (000s omitted) | $19,311 | $7,980 | $9,695 | $8,878 | $8,001 |
1 | Calculated based upon average shares outstanding |
Gross unrealized gains | $61,507,499 |
Gross unrealized losses | (3,711,498) |
Net unrealized gains | $57,796,001 |
Paid-in capital | Total distributable earnings |
$(53,031) | $53,031 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 2,145,236 | $0 | $0 | $ 2,145,236 |
Consumer discretionary | 15,316,557 | 0 | 0 | 15,316,557 |
Financials | 3,873,578 | 0 | 0 | 3,873,578 |
Health care | 50,562,427 | 0 | 0 | 50,562,427 |
Industrials | 24,709,668 | 0 | 0 | 24,709,668 |
Information technology | 47,803,000 | 0 | 0 | 47,803,000 |
Materials | 1,942,169 | 0 | 0 | 1,942,169 |
Real estate | 7,283,575 | 0 | 0 | 7,283,575 |
Short-term investments | ||||
Investment companies | 5,690,376 | 0 | 0 | 5,690,376 |
Total assets | $159,326,586 | $0 | $0 | $159,326,586 |
Average daily net assets | Management fee |
First $500 million | 0.850% |
Next $500 million | 0.825 |
Next $1 billion | 0.800 |
Next $1 billion | 0.775 |
Next $1 billion | 0.750 |
Next $1 billion | 0.730 |
Next $5 billion | 0.720 |
Over $10 billion | 0.710 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.23% |
Class C | 1.98 |
Class R6 | 0.80 |
Administrator Class | 1.15 |
Institutional Class | 0.90 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Bank of America Securities Inc. | $ 676,460 | $ (676,460) | $0 |
Barclays Capital Inc. | 1,404,300 | (1,404,300) | 0 |
BNP Paribas Securities Corp. | 1,657,472 | (1,657,472) | 0 |
Citigroup Global Markets Inc. | 65,560 | (65,560) | 0 |
Deutsche Bank Securities Inc. | 115,035 | (115,035) | 0 |
National Financial Services LLC | 314,429 | (314,429) | 0 |
UBS Securities LLC | 575,100 | (575,100) | 0 |
Year ended March 31 | ||
2021 | 2020 | |
Ordinary income | $ 0 | $1,713,085 |
Long-term capital gain | 3,362,495 | 4,251,325 |
Undistributed ordinary income | Undistributed long-term gain | Unrealized gains |
$3,018,902 | $11,455,937 | $57,796,014 |
Wells Fargo Funds Trust:
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status). | CIGNA Corporation |
Judith M. Johnson (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Michelle Rhee (Born 1966) | Chief Legal Officer, since 2019 | Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018. |
Catherine Kennedy (Born 1969) | Secretary, since 2019 | Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010. |
Michael H. Whitaker (Born 1967) | Chief Compliance Officer, since 2016 | Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016. |
P.O. Box 219967
Kansas City, MO 64121-9967
A247/AR247 03-21
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Consolidated financial statements | |
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27 |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
6 | The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
President
Wells Fargo Funds
Investment objective | The Funds seeks long-term capital appreciation. |
Manager | Wells Fargo Fund Management, LLC |
Subadviser | Wells Capital Management Incorporated |
Portfolio managers | Michael Bradshaw, CFA®‡, Oleg Makhorine |
Average annual total returns (%) as of March 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (EKWAX) | 1-20-1998 | 27.21 | 7.10 | -5.40 | 34.95 | 8.38 | -4.84 | 1.20 | 1.09 | ||
Class C (EKWCX) | 1-29-1998 | 32.95 | 7.57 | -5.55 | 33.95 | 7.57 | -5.55 | 1.95 | 1.84 | ||
Administrator Class (EKWDX) | 7-30-2010 | – | – | – | 35.13 | 8.52 | -4.70 | 1.12 | 0.95 | ||
Institutional Class (EKWYX) | 2-29-2000 | – | – | – | 35.34 | 8.69 | -4.54 | 0.87 | 0.79 | ||
FTSE Gold Mines Index3 | – | – | – | – | 32.38 | 10.53 | -4.62 | – | – | ||
S&P 500 Index4 | – | – | – | – | 56.35 | 16.29 | 13.91 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through July 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.09% for Class A, 1.84% for Class C, 0.95% for Administrator Class, and 0.79% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | FTSE Gold Mines Index is an unmanaged, open-ended index designed to reflect the performance of the worldwide market in the shares of companies whose principal activity is the mining of gold. You cannot invest directly in an index. |
4 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
1 | The chart compares the performance of Class A shares for the most recent ten years with the FTSE Gold Mines Index and the S&P 500 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund outperformed its benchmark, the FTSE Gold Mines Index, for the 12-month period that ended March 31, 2021. |
■ | The Fund’s overweights to Kinross Gold Corporation and B2Gold Corporation enhanced results during the period. The Fund’s positions in MAG Silver Corporation and Pan American Silver Corporation aided results. Underweights to AngloGold Ashanti Limited and Barrick Gold Corporation also enhanced results. |
■ | The Fund’s overweights to Northern Star Resources Limited and Kirkland Lake Gold Limited detracted from results. Underweights to Newmont Mining Corporation, Newcrest Mining Limited, and Agnico Eagle Mines Limited also detracted from results. |
■ | The price of gold rose more than 8% during the 12-month period, and the share prices of precious metals stocks outperformed the gold price. |
Ten largest holdings (%) as of March 31, 20211 | |
Newmont Corporation | 7.32 |
Kinross Gold Corporation | 6.90 |
Barrick Gold Corporation | 6.05 |
Kirkland Lake Gold Limited | 5.29 |
Wheaton Precious Metals Corporation-U.S. Exchange Traded Shares | 5.12 |
Franco-Nevada Corporation-Legend Shares | 4.73 |
Gold Fields Limited ADR | 4.23 |
Endeavour Mining Corporation | 4.10 |
Royal Gold Incorporated | 4.04 |
AngloGold Ashanti Limited ADR | 3.80 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Country allocation as of March 31, 20211 |
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 10-1-2020 | Ending account value 3-31-2021 | Consolidated expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 811.57 | $4.92 | 1.09% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.50 | $5.49 | 1.09% |
Class C | ||||
Actual | $1,000.00 | $ 808.41 | $8.30 | 1.84% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.76 | $9.25 | 1.84% |
Administrator Class | ||||
Actual | $1,000.00 | $ 811.93 | $4.29 | 0.95% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.19 | $4.78 | 0.95% |
Institutional Class | ||||
Actual | $1,000.00 | $ 812.77 | $3.57 | 0.79% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.99 | $3.98 | 0.79% |
Shares | Value | |||||
Common stocks: 94.40% | ||||||
Australia: 9.02% | ||||||
Evolution Mining Limited (Materials, Metals & mining) | 2,350,000 | $ 7,282,566 | ||||
Newcrest Mining Limited (Materials, Metals & mining) | 602,294 | 11,171,476 | ||||
Northern Star Resources Limited (Materials, Metals & mining) | 1,786,412 | 12,863,121 | ||||
31,317,163 | ||||||
Canada: 63.71% | ||||||
Agnico-Eagle Mines Limited (Materials, Metals & mining) | 120,370 | 6,958,606 | ||||
Agnico-Eagle Mines Limited-Legend Shares (Materials, Metals & mining) | 35,000 | 2,023,350 | ||||
Agnico-Eagle Mines Limited-U.S. Exchange Traded Shares (Materials, Metals & mining) | 141,164 | 8,160,692 | ||||
Alamos Gold Incorporated Class A (Materials, Metals & mining) | 1,273,980 | 9,955,028 | ||||
Artemis Gold Incorporated (Materials, Metals & mining)† | 250,000 | 1,024,509 | ||||
B2Gold Corporation (Materials, Metals & mining) | 2,500,000 | 10,762,314 | ||||
Barrick Gold Corporation (Materials, Metals & mining) | 1,061,723 | 21,022,115 | ||||
Centerra Gold Incorporated (Materials, Metals & mining) | 525,000 | 4,645,500 | ||||
Centerra Gold Incorporated-Legend Shares (Materials, Metals & mining)144A | 250,000 | 2,212,143 | ||||
Eldorado Gold Corporation (Materials, Metals & mining)† | 300,000 | 3,241,824 | ||||
Endeavour Mining Corporation (Materials, Metals & mining) | 707,000 | 14,250,267 | ||||
Fortuna Silver Mines Incorporated (Materials, Metals & mining)† | 675,000 | 4,377,536 | ||||
Franco-Nevada Corporation-Legend Shares (Materials, Metals & mining)144A | 130,948 | 16,410,440 | ||||
Kinross Gold Corporation (Materials, Metals & mining) | 3,600,553 | 23,980,766 | ||||
Kirkland Lake Gold Limited (Materials, Metals & mining) | 544,094 | 18,374,592 | ||||
Lundin Gold Incorporated (Materials, Metals & mining)† | 840,000 | 6,577,226 | ||||
MAG Silver Corporation (Materials, Metals & mining)† | 400,000 | 6,022,121 | ||||
MAG Silver Corporation-Legend Shares (Materials, Metals & mining) | 100,000 | 1,505,530 | ||||
Marathon Gold Corporation (Materials, Metals & mining)† | 500,000 | 887,244 | ||||
Orla Mining Limited (Materials, Metals & mining)† | 300,000 | 1,117,212 | ||||
Pan American Silver Corporation (Materials, Metals & mining) | 310,000 | 9,309,300 | ||||
Pretium Resources Incorporated (Materials, Metals & mining)† | 500,000 | 5,188,191 | ||||
Pure Gold Mining Incorporated (Materials, Metals & mining)† | 700,000 | 907,933 | ||||
SilverCrest Metals Incorporated (Materials, Metals & mining)† | 615,000 | 4,981,857 | ||||
SSR Mining Incorporated (Materials, Metals & mining) | 225,000 | 3,213,000 | ||||
SSR Mining Incorporated - U.S. Exchange Traded Shares (Materials, Metals & mining) | 323,552 | 4,626,585 | ||||
Torex Gold Resources Incorporated (Materials, Metals & mining)† | 445,000 | 5,619,599 | ||||
Torex Gold Resources Incorporated-Legend Shares (Materials, Metals & mining) | 185,000 | 2,336,238 | ||||
Torex Gold Resources Incorporated-Legend Shares (Materials, Metals & mining)144A | 266,250 | 3,362,288 | ||||
Wheaton Precious Metals Corporation (Materials, Metals & mining) | 12,950 | 494,629 | ||||
Wheaton Precious Metals Corporation-U.S. Exchange Traded Shares (Materials, Metals & mining) | 465,000 | 17,767,650 | ||||
221,316,285 | ||||||
South Africa: 8.03% | ||||||
AngloGold Ashanti Limited ADR (Materials, Metals & mining) | 600,591 | 13,194,984 | ||||
Gold Fields Limited ADR (Materials, Metals & mining) | 1,550,000 | 14,709,500 | ||||
27,904,484 | ||||||
United States: 13.64% | ||||||
Newmont Corporation (Materials, Metals & mining) | 421,802 | 25,422,007 |
Shares | Value | |||||
United States: (continued) | ||||||
Newmont Corporation-Toronto Exchange Traded Shares (Materials, Metals & mining) | 131,348 | $ 7,909,936 | ||||
Royal Gold Incorporated (Materials, Metals & mining) | 130,436 | 14,037,522 | ||||
47,369,465 | ||||||
Total Common stocks (Cost $196,412,429) | 327,907,397 |
Troy ounces | ||||||
Commodities: 3.78% | ||||||
Gold Bullion ** | 7,690 | 13,134,264 | ||||
Total Commodities (Cost $4,532,552) | 13,134,264 |
Yield | Shares | |||||
Short-term investments: 1.70% | ||||||
Investment companies: 1.70% | ||||||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03% | 5,898,183 | 5,898,183 | |||
Total Short-term investments (Cost $5,898,183) | 5,898,183 | |||||
Total investments in securities (Cost $206,843,164) | 99.88% | 346,939,844 | ||||
Other assets and liabilities, net | 0.12 | 430,617 | ||||
Total net assets | 100.00% | $347,370,461 |
† | Non-income-earning security |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
** | Represents an investment held in Special Investments (Cayman) SPC, the consolidated entity. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | % of net assets | Shares, end of period | Income from affiliated securities | |
Short-term investments | |||||||||
Investment companies | |||||||||
Wells Fargo Government Money Market Fund Select Class | $8,534,060 | $103,369,703 | $(106,005,580) | $0 | $0 | $5,898,183 | 1.70% | 5,898,183 | $6,961 |
Assets | |
Investments in unaffiliated securities, at value (cost $196,412,429) | $ 327,907,397 |
Investments in affiliated securites, at value (cost $5,898,183) | 5,898,183 |
Investments in commodities, at value (cost $4,532,552) | 13,134,264 |
Cash | 96,350 |
Foreign currency, at value (cost $621,597) | 624,675 |
Receivable for Fund shares sold | 795,002 |
Receivable for dividends | 549,798 |
Receivable for investments sold | 1,493 |
Prepaid expenses and other assets | 41,746 |
Total assets | 349,048,908 |
Liabilities | |
Payable for Fund shares redeemed | 1,167,016 |
Management fee payable | 167,897 |
Administration fees payable | 52,787 |
Distribution fee payable | 7,693 |
Trustees’ fees and expenses payable | 1,592 |
Accrued expenses and other liabilities | 281,462 |
Total liabilities | 1,678,447 |
Total net assets | $347,370,461 |
Net assets consist of | |
Paid-in capital | $ 360,965,710 |
Total distributable loss | (13,595,249) |
Total net assets | $347,370,461 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 193,949,466 |
Shares outstanding – Class A1 | 4,131,419 |
Net asset value per share – Class A | $46.95 |
Maximum offering price per share – Class A2 | $49.81 |
Net assets – Class C | $ 12,038,860 |
Shares outstanding – Class C1 | 291,163 |
Net asset value per share – Class C | $41.35 |
Net assets – Administrator Class | $ 13,976,426 |
Shares outstanding – Administrator Class1 | 295,099 |
Net asset value per share – Administrator Class | $47.36 |
Net assets – Institutional Class | $ 127,405,709 |
Shares outstanding – Institutional Class1 | 2,668,983 |
Net asset value per share – Institutional Class | $47.74 |
1 | The Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends (net of foreign withholdings taxes of $517,000) | $ 5,025,684 |
Income from affiliated securities | 6,961 |
Total investment income | 5,032,645 |
Expenses | |
Management fee | 2,744,283 |
Administration fees | |
Class A | 477,586 |
Class C | 32,650 |
Administrator Class | 18,239 |
Institutional Class | 214,857 |
Shareholder servicing fees | |
Class A | 567,547 |
Class C | 38,781 |
Administrator Class | 35,030 |
Distribution fee | |
Class C | 116,285 |
Custody and accounting fees | 37,183 |
Professional fees | 58,850 |
Registration fees | 66,908 |
Shareholder report expenses | 60,415 |
Trustees’ fees and expenses | 19,425 |
Transfer agent fees | 8,279 |
Interest expense | 704 |
Other fees and expenses | 21,764 |
Total expenses | 4,518,786 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (223,997) |
Class A | (77,880) |
Class C | (4,317) |
Administrator Class | (12,697) |
Net expenses | 4,199,895 |
Net investment income | 832,750 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 31,323,046 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 63,465,809 |
Commodities | 1,007,010 |
Net change in unrealized gains (losses) on investments | 64,472,819 |
Net realized and unrealized gains (losses) on investments | 95,795,865 |
Net increase in net assets resulting from operations | $96,628,615 |
Year ended March 31, 2021 | Year ended March 31, 2020 | |||
Operations | ||||
Net investment income (loss) | $ 832,750 | $ (4,109) | ||
Net realized gains on investments | 31,323,046 | 19,751,558 | ||
Net change in unrealized gains (losses) on investments | 64,472,819 | (11,681,216) | ||
Net increase in net assets resulting from operations | 96,628,615 | 8,066,233 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (3,269,928) | (201,509) | ||
Administrator Class | (259,299) | (21,782) | ||
Institutional Class | (2,949,296) | (467,271) | ||
Total distributions to shareholders | (6,478,523) | (690,562) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 1,263,769 | 70,589,866 | 1,235,822 | 50,200,605 |
Class C | 93,294 | 4,459,073 | 74,680 | 2,659,850 |
Administrator Class | 187,722 | 9,854,429 | 38,004 | 1,577,864 |
Institutional Class | 1,417,420 | 78,271,394 | 1,902,844 | 79,061,772 |
163,174,762 | 133,500,091 | |||
Reinvestment of distributions | ||||
Class A | 57,106 | 3,047,187 | 4,658 | 188,894 |
Administrator Class | 4,749 | 255,520 | 518 | 21,226 |
Institutional Class | 43,907 | 2,380,208 | 8,995 | 371,239 |
5,682,915 | 581,359 | |||
Payment for shares redeemed | ||||
Class A | (1,354,083) | (72,940,719) | (1,873,744) | (73,583,351) |
Class C | (185,427) | (9,204,883) | (190,365) | (6,607,315) |
Administrator Class | (121,514) | (6,447,337) | (50,212) | (1,989,528) |
Institutional Class | (1,793,191) | (97,798,865) | (1,671,738) | (65,806,860) |
(186,391,804) | (147,987,054) | |||
Net decrease in net assets resulting from capital share transactions | (17,534,127) | (13,905,604) | ||
Total increase (decrease) in net assets | 72,615,965 | (6,529,933) | ||
Net assets | ||||
Beginning of period | 274,754,496 | 281,284,429 | ||
End of period | $ 347,370,461 | $ 274,754,496 |
Year ended March 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $35.30 | $33.94 | $32.80 | $35.99 | $32.73 |
Net investment income (loss) | 0.08 | (0.03) 1 | (0.03) 1 | (0.11) 1 | (0.22) 1 |
Net realized and unrealized gains (losses) on investments | 12.35 | 1.44 | 1.17 | (2.60) | 3.85 |
Total from investment operations | 12.43 | 1.41 | 1.14 | (2.71) | 3.63 |
Distributions to shareholders from | |||||
Net investment income | (0.78) | (0.05) | 0.00 | (0.48) | (0.37) |
Net asset value, end of period | $46.95 | $35.30 | $33.94 | $32.80 | $35.99 |
Total return2 | 34.95% | 4.13% | 3.48% | (7.56)% | 11.24% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.17% | 1.20% | 1.22% | 1.21% | 1.20% |
Net expenses | 1.09% | 1.09% | 1.09% | 1.04% | 1.09% |
Net investment income (loss) | 0.12% | (0.08)% | (0.11)% | (0.32)% | (0.57)% |
Supplemental data | |||||
Portfolio turnover rate3 | 22% | 25% | 19% | 27% | 21% |
Net assets, end of period (000s omitted) | $193,949 | $147,020 | $162,860 | $177,859 | $242,423 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
3 | Portfolio turnover rate includes the purchases and sales transactions of its wholly-owned subsidiary. |
Year ended March 31 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $30.87 | $29.88 | $29.09 | $32.07 | $29.10 |
Net investment loss | (0.32) 1 | (0.29) 1 | (0.24) 1 | (0.33) 1 | (0.46) 1 |
Net realized and unrealized gains (losses) on investments | 10.80 | 1.28 | 1.03 | (2.30) | 3.49 |
Total from investment operations | 10.48 | 0.99 | 0.79 | (2.63) | 3.03 |
Distributions to shareholders from | |||||
Net investment income | 0.00 | 0.00 | 0.00 | (0.35) | (0.06) |
Net asset value, end of period | $41.35 | $30.87 | $29.88 | $29.09 | $32.07 |
Total return2 | 33.95% | 3.31% | 2.72% | (8.24)% | 10.42% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.92% | 1.95% | 1.97% | 1.96% | 1.95% |
Net expenses | 1.84% | 1.84% | 1.84% | 1.79% | 1.84% |
Net investment loss | (0.68)% | (0.83)% | (0.88)% | (1.07)% | (1.32)% |
Supplemental data | |||||
Portfolio turnover rate3 | 22% | 25% | 19% | 27% | 21% |
Net assets, end of period (000s omitted) | $12,039 | $11,834 | $14,908 | $33,022 | $48,710 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
3 | Portfolio turnover rate includes the purchases and sales transactions of its wholly-owned subsidiary. |
Year ended March 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $35.66 | $34.29 | $33.09 | $36.27 | $32.98 |
Net investment income (loss) | 0.17 1 | 0.02 1 | 0.01 1 | (0.09) 1 | (0.17) 1 |
Net realized and unrealized gains (losses) on investments | 12.47 | 1.45 | 1.19 | (2.59) | 3.87 |
Total from investment operations | 12.64 | 1.47 | 1.20 | (2.68) | 3.70 |
Distributions to shareholders from | |||||
Net investment income | (0.94) | (0.10) | 0.00 | (0.50) | (0.41) |
Net asset value, end of period | $47.36 | $35.66 | $34.29 | $33.09 | $36.27 |
Total return | 35.13% | 4.24% | 3.63% | (7.40)% | 11.37% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.09% | 1.12% | 1.14% | 1.15% | 1.12% |
Net expenses | 0.95% | 0.95% | 0.95% | 0.91% | 0.95% |
Net investment income (loss) | 0.31% | 0.06% | 0.04% | (0.25)% | (0.44)% |
Supplemental data | |||||
Portfolio turnover rate2 | 22% | 25% | 19% | 27% | 21% |
Net assets, end of period (000s omitted) | $13,976 | $7,994 | $8,086 | $9,148 | $15,325 |
1 | Calculated based upon average shares outstanding |
2 | Portfolio turnover rate includes the purchases and sales transactions of its wholly-owned subsidiary. |
Year ended March 31 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $35.96 | $34.57 | $33.30 | $36.47 | $33.21 |
Net investment income (loss) | 0.24 | 0.09 1 | 0.04 | 0.02 | (0.09) 1 |
Net realized and unrealized gains (losses) on investments | 12.59 | 1.46 | 1.23 | (2.67) | 3.85 |
Total from investment operations | 12.83 | 1.55 | 1.27 | (2.65) | 3.76 |
Distributions to shareholders from | |||||
Net investment income | (1.05) | (0.16) | 0.00 | (0.52) | (0.50) |
Net asset value, end of period | $47.74 | $35.96 | $34.57 | $33.30 | $36.47 |
Total return | 35.34% | 4.43% | 3.81% | (7.27)% | 11.49% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.84% | 0.87% | 0.89% | 0.88% | 0.88% |
Net expenses | 0.79% | 0.79% | 0.79% | 0.73% | 0.79% |
Net investment income (loss) | 0.37% | 0.22% | 0.21% | 0.01% | (0.24)% |
Supplemental data | |||||
Portfolio turnover rate2 | 22% | 25% | 19% | 27% | 21% |
Net assets, end of period (000s omitted) | $127,406 | $107,907 | $95,431 | $82,650 | $89,680 |
1 | Calculated based upon average shares outstanding |
2 | Portfolio turnover rate includes the purchases and sales transactions of its wholly-owned subsidiary. |
Gross unrealized gains | $131,924,355 |
Gross unrealized losses | (5,133,870) |
Net unrealized gains | $126,790,485 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Australia | $ 31,317,163 | $ 0 | $0 | $ 31,317,163 |
Canada | 193,466,296 | 27,849,989 | 0 | 221,316,285 |
South Africa | 27,904,484 | 0 | 0 | 27,904,484 |
United States | 47,369,465 | 0 | 0 | 47,369,465 |
Commodities | 13,134,264 | 0 | 0 | 13,134,264 |
Short-term investments | ||||
Investment companies | 5,898,183 | 0 | 0 | 5,898,183 |
Total assets | $319,089,855 | $27,849,989 | $0 | $346,939,844 |
Average daily net assets | Management fee |
First $500 million | 0.650% |
Next $500 million | 0.600 |
Next $1 billion | 0.550 |
Next $2 billion | 0.525 |
Next $1 billion | 0.500 |
Next $5 billion | 0.490 |
Over $10 billion | 0.480 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.09% |
Class C | 1.84 |
Administrator Class | 0.95 |
Institutional Class | 0.79 |
Undistributed ordinary income | Unrealized gains | Post-October capital losses deferred | Capital loss carryforward |
$4,041,839 | $126,793,364 | $(3,248,022) | $(141,172,709) |
Wells Fargo Funds Trust:
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status). | CIGNA Corporation |
Judith M. Johnson (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Michelle Rhee (Born 1966) | Chief Legal Officer, since 2019 | Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018. |
Catherine Kennedy (Born 1969) | Secretary, since 2019 | Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010. |
Michael H. Whitaker (Born 1967) | Chief Compliance Officer, since 2016 | Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016. |
P.O. Box 219967
Kansas City, MO 64121-9967
A316/AR316 03-21
Specialized Technology Fund
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Financial statements | |
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
6 | The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
President
Wells Fargo Funds
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Allianz Global Investor U.S. LLC |
Portfolio managers | Huachen Chen, CFA®‡, Walter C. Price, Jr., CFA®‡, Michael A. Seidenberg |
Average annual total returns (%) as of March 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (WFSTX) | 9-18-2000 | 67.41 | 26.98 | 17.58 | 77.67 | 28.49 | 18.28 | 1.36 | 1.35 | ||
Class C (WFTCX) | 9-18-2000 | 75.67 | 27.57 | 17.41 | 76.67 | 27.57 | 17.41 | 2.11 | 2.10 | ||
Administrator Class (WFTDX) | 7-30-2010 | – | – | – | 77.92 | 28.61 | 18.44 | 1.28 | 1.28 | ||
Institutional Class (WFTIX)3 | 10-31-2016 | – | – | – | 78.30 | 28.86 | 18.56 | 1.03 | 1.03 | ||
S&P North American Technology Index4 | – | – | – | – | 72.02 | 27.97 | 20.47 | – | – | ||
S&P 500 Index5 | – | – | – | – | 56.35 | 16.29 | 13.91 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through July 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.35% for Class A, 2.10% for Class C, 1.28% for Administrator Class, and 1.03% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns for the Institutional Class shares would be higher. |
4 | The S&P North American Technology Index is a modified market-capitalization-weighted index of select technology stocks. You cannot invest directly in an index. |
5 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
1 | The chart compares the performance of Class A shares for the most recent ten years with the S&P North American Technology Sector Index and the S&P 500 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund outperformed its benchmark, the S&P North American Technology Index, for the 12-month period that ended March 31, 2021. |
■ | The Fund’s overweights to some high-growth software companies, providing services such as cloud, communications, and cybersecurity, contributed to relative returns. |
Ten largest holdings (%) as of March 31, 20211 | |
Alphabet Incorporated Class C | 5.65 |
Facebook Incorporated Class A | 5.18 |
Amazon.com Incorporated | 4.35 |
Twilio Incorporated Class A | 4.26 |
Apple Incorporated | 4.11 |
Paycom Software Incorporated | 3.47 |
Micron Technology Incorporated | 3.29 |
HubSpot Incorporated | 2.90 |
PayPal Holdings Incorporated | 2.47 |
Lam Research Corporation | 2.41 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of March 31, 20211 |
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
1 | * This security was no longer held at the end of the reporting period. |
Beginning account value 10-1-2020 | Ending account value 3-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,160.74 | $ 7.16 | 1.33% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.30 | $ 6.69 | 1.33% |
Class C | ||||
Actual | $1,000.00 | $1,155.89 | $11.23 | 2.09% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,014.51 | $10.50 | 2.09% |
Administrator Class | ||||
Actual | $1,000.00 | $1,161.42 | $ 6.79 | 1.26% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.65 | $ 6.34 | 1.26% |
Institutional Class | ||||
Actual | $1,000.00 | $1,162.35 | $ 5.44 | 1.01% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.90 | $ 5.09 | 1.01% |
Shares | Value | ||||
Common stocks: 95.41% | |||||
Communication services: 16.47% | |||||
Entertainment: 0.51% | |||||
Activision Blizzard Incorporated | 10,075 | $ 936,975 | |||
Netflix Incorporated † | 3,675 | 1,917,101 | |||
Take-Two Interactive Software Incorporated † | 3,570 | 630,819 | |||
3,484,895 | |||||
Interactive media & services: 14.80% | |||||
Alphabet Incorporated Class A † | 3,780 | 7,796,326 | |||
Alphabet Incorporated Class C † | 18,635 | 38,548,915 | |||
Facebook Incorporated Class A † | 120,170 | 35,393,670 | |||
Pinterest Incorporated Class A † | 107,885 | 7,986,727 | |||
Snap Incorporated Class A † | 87,070 | 4,552,890 | |||
Tencent Holdings Limited | 9,900 | 776,810 | |||
Zillow Group Incorporated Class A † | 11,335 | 1,489,192 | |||
ZoomInfo Technologies Incorporated † | 92,300 | 4,513,470 | |||
101,058,000 | |||||
Media: 1.05% | |||||
Comcast Corporation Class A | 132,440 | 7,166,328 | |||
Wireless telecommunication services: 0.11% | |||||
SoftBank Group Corporation | 8,400 | 707,808 | |||
Consumer discretionary: 10.24% | |||||
Auto components: 0.26% | |||||
Aptiv plc † | 12,745 | 1,757,536 | |||
Automobiles: 1.29% | |||||
General Motors Company † | 123,250 | 7,081,945 | |||
Tesla Motors Incorporated † | 1,015 | 677,949 | |||
Volkswagen AG | 2,875 | 1,042,472 | |||
8,802,366 | |||||
Hotels, restaurants & leisure: 4.05% | |||||
Airbnb Incorporated Class A † | 19,067 | 3,583,452 | |||
Booking Holdings Incorporated † | 3,910 | 9,109,674 | |||
Expedia Group Incorporated | 87,015 | 14,977,022 | |||
27,670,148 | |||||
Internet & direct marketing retail: 4.64% | |||||
Amazon.com Incorporated † | 9,605 | 29,718,638 | |||
Trip.com Group Limited ADR † | 49,405 | 1,957,920 | |||
31,676,558 | |||||
Health care: 0.17% | |||||
Health care technology: 0.17% | |||||
Veeva Systems Incorporated Class A † | 4,555 | 1,189,948 | |||
Industrials: 1.70% | |||||
Electrical equipment: 0.02% | |||||
Bloom Energy Corporation Class A † | 3,825 | 103,466 |
Shares | Value | ||||
Road & rail: 1.68% | |||||
Lyft Incorporated Class A † | 145,960 | $ 9,221,753 | |||
Uber Technologies Incorporated † | 41,595 | 2,267,343 | |||
11,489,096 | |||||
Information technology: 66.83% | |||||
Communications equipment: 0.75% | |||||
Cisco Systems Incorporated | 59,105 | 3,056,320 | |||
F5 Networks Incorporated † | 9,825 | 2,049,692 | |||
5,106,012 | |||||
Electronic equipment, instruments & components: 3.54% | |||||
Amphenol Corporation Class A | 23,110 | 1,524,567 | |||
Cognex Corporation | 9,425 | 782,181 | |||
Flex Limited † | 378,890 | 6,937,476 | |||
IPG Photonics Corporation † | 10,495 | 2,213,815 | |||
Samsung SDI Company Limited | 21,754 | 12,686,229 | |||
24,144,268 | |||||
IT services: 17.07% | |||||
Adyen NV 144A† | 1,340 | 2,991,194 | |||
DXC Technology Company | 59,731 | 1,867,191 | |||
EPAM Systems Incorporated † | 4,010 | 1,590,727 | |||
Fidelity National Information Services Incorporated | 21,071 | 2,962,793 | |||
Fiserv Incorporated † | 34,100 | 4,059,264 | |||
Global Payments Incorporated | 23,729 | 4,783,292 | |||
MasterCard Incorporated Class A | 24,445 | 8,703,642 | |||
MongoDB Incorporated † | 34,560 | 9,242,381 | |||
Okta Incorporated † | 74,205 | 16,357,008 | |||
PayPal Holdings Incorporated † | 69,360 | 16,843,382 | |||
Shopify Incorporated Class A † | 1,140 | 1,261,410 | |||
Snowflake Incorporated Class A † | 9,831 | 2,254,052 | |||
Square Incorporated Class A † | 64,110 | 14,556,176 | |||
Twilio Incorporated Class A † | 85,350 | 29,083,866 | |||
116,556,378 | |||||
Semiconductors & semiconductor equipment: 19.31% | |||||
Advanced Micro Devices Incorporated † | 26,885 | 2,110,473 | |||
Applied Materials Incorporated | 92,620 | 12,374,032 | |||
Cree Incorporated † | 18,760 | 2,028,519 | |||
Infineon Technologies AG | 195,690 | 8,297,054 | |||
KLA Corporation | 3,190 | 1,053,976 | |||
Lam Research Corporation | 27,680 | 16,476,243 | |||
Micron Technology Incorporated † | 254,695 | 22,466,646 | |||
NVIDIA Corporation | 11,375 | 6,073,454 | |||
NXP Semiconductors NV | 45,530 | 9,167,010 | |||
ON Semiconductor Corporation † | 158,155 | 6,580,830 | |||
Qorvo Incorporated † | 34,055 | 6,221,849 | |||
SK Hynix Incorporated | 77,922 | 9,122,744 | |||
Skyworks Solutions Incorporated | 29,885 | 5,483,300 | |||
Taiwan Semiconductor Manufacturing Company Limited ADR | 101,610 | 12,018,431 | |||
Teradyne Incorporated | 51,870 | 6,311,542 | |||
Tokyo Electron Limited | 14,300 | 6,042,872 | |||
131,828,975 |
Shares | Value | ||||
Software: 15.01% | |||||
Alteryx Incorporated Class A † | 38,730 | $ 3,213,041 | |||
Asana Incorporated Class A † | 187,910 | 5,370,468 | |||
Autodesk Incorporated † | 5,635 | 1,561,740 | |||
Cloudflare Incorporated Class A † | 9,270 | 651,310 | |||
Crowdstrike Holdings Incorporated Class A † | 80,095 | 14,618,138 | |||
CyberArk Software Limited † | 10,835 | 1,401,399 | |||
Datadog Incorporated Class A † | 18,755 | 1,563,042 | |||
FireEye Incorporated † | 55,717 | 1,090,382 | |||
HubSpot Incorporated † | 43,600 | 19,803,556 | |||
Microsoft Corporation | 40,025 | 9,436,694 | |||
Palo Alto Networks Incorporated † | 4,770 | 1,536,226 | |||
Paycom Software Incorporated † | 63,995 | 23,681,990 | |||
The Trade Desk Incorporated † | 1,675 | 1,091,531 | |||
Varonis Systems Incorporated † | 56,260 | 2,888,388 | |||
Workday Incorporated Class A † | 5,910 | 1,468,221 | |||
Zoom Video Communications Incorporated † | 1,695 | 544,587 | |||
Zscaler Incorporated † | 73,325 | 12,587,703 | |||
102,508,416 | |||||
Technology hardware, storage & peripherals: 11.15% | |||||
Apple Incorporated | 229,630 | 28,049,305 | |||
Hewlett Packard Enterprise Company | 266,340 | 4,192,192 | |||
HP Incorporated | 238,280 | 7,565,390 | |||
Pure Storage Incorporated Class A † | 141,005 | 3,037,248 | |||
Samsung Electronics Company Limited | 194,366 | 13,979,582 | |||
Seagate Technology plc | 109,820 | 8,428,685 | |||
Western Digital Corporation | 163,240 | 10,896,270 | |||
76,148,672 | |||||
Total Common stocks (Cost $416,042,647) | 651,398,870 |
Yield | |||||
Short-term investments: 4.82% | |||||
Investment companies: 4.82% | |||||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03% | 32,924,749 | 32,924,749 | ||
Total Short-term investments (Cost $32,924,749) | 32,924,749 | ||||
Total investments in securities (Cost $448,967,396) | 100.23% | 684,323,619 | |||
Other assets and liabilities, net | (0.23) | (1,584,482) | |||
Total net assets | 100.00% | $682,739,137 |
† | Non-income-earning security |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | % of net assets | Shares, end of period | Income from affiliated securities | ||||
Short-term investments | ||||||||||||
Investment companies | ||||||||||||
Securities Lending Cash Investments LLC | $ 53,595 | $ 58,090,305 | $ (58,143,905) | $11 | $ (6) | $ 0 | 0 | $ 1,519# | ||||
Wells Fargo Government Money Market Fund Select Class | 18,610,094 | 293,060,725 | (278,746,070) | 0 | 0 | 32,924,749 | 32,924,749 | 19,904 | ||||
$11 | $(6) | $32,924,749 | 4.82% | $21,423 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities, at value (cost $416,042,647) | $ 651,398,870 |
Investments in affiliated securites, at value (cost $32,924,749) | 32,924,749 |
Receivable for investments sold | 5,863,952 |
Receivable for dividends | 661,668 |
Receivable for Fund shares sold | 371,260 |
Receivable for securities lending income, net | 141 |
Prepaid expenses and other assets | 21,445 |
Total assets | 691,242,085 |
Liabilities | |
Payable for investments purchased | 7,445,034 |
Management fee payable | 496,349 |
Payable for Fund shares redeemed | 230,802 |
Administration fees payable | 116,468 |
Distribution fee payable | 7,748 |
Trustees’ fees and expenses payable | 2,270 |
Accrued expenses and other liabilities | 204,277 |
Total liabilities | 8,502,948 |
Total net assets | $682,739,137 |
Net assets consist of | |
Paid-in capital | $ 287,350,756 |
Total distributable earnings | 395,388,381 |
Total net assets | $682,739,137 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 575,422,467 |
Shares outstanding – Class A1 | 31,013,756 |
Net asset value per share – Class A | $18.55 |
Maximum offering price per share – Class A2 | $19.68 |
Net assets – Class C | $ 12,017,258 |
Shares outstanding – Class C1 | 950,586 |
Net asset value per share – Class C | $12.64 |
Net assets – Administrator Class | $ 9,635,639 |
Shares outstanding – Administrator Class1 | 503,723 |
Net asset value per share – Administrator Class | $19.13 |
Net assets – Institutional Class | $ 85,663,773 |
Shares outstanding – Institutional Class1 | 4,417,410 |
Net asset value per share – Institutional Class | $19.39 |
1 | The Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends (net of foreign withholdings taxes of $160,226) | $ 2,196,930 |
Income from affiliated securities | 25,223 |
Total investment income | 2,222,153 |
Expenses | |
Management fee | 5,251,612 |
Administration fees | |
Class A | 1,092,633 |
Class C | 24,450 |
Administrator Class | 13,419 |
Institutional Class | 96,532 |
Shareholder servicing fees | |
Class A | 1,300,080 |
Class C | 29,022 |
Administrator Class | 25,644 |
Distribution fee | |
Class C | 87,185 |
Custody and accounting fees | 47,371 |
Professional fees | 42,400 |
Registration fees | 71,957 |
Shareholder report expenses | 53,546 |
Trustees’ fees and expenses | 19,425 |
Other fees and expenses | 17,010 |
Total expenses | 8,172,286 |
Less: Fee waivers and/or expense reimbursements | |
Class A | (62,267) |
Class C | (111) |
Administrator Class | (616) |
Institutional Class | (3,433) |
Net expenses | 8,105,859 |
Net investment loss | (5,883,706) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 190,286,856 |
Affiliated securities | 11 |
Net realized gains on investments | 190,286,867 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 131,087,255 |
Affiliated securities | (6) |
Net change in unrealized gains (losses) on investments | 131,087,249 |
Net realized and unrealized gains (losses) on investments | 321,374,116 |
Net increase in net assets resulting from operations | $315,490,410 |
Year ended March 31, 2021 | Year ended March 31, 2020 | |||
Operations | ||||
Net investment loss | $ (5,883,706) | $ (3,722,238) | ||
Net realized gains on investments | 190,286,867 | 74,062,664 | ||
Net change in unrealized gains (losses) on investments | 131,087,249 | (74,516,995) | ||
Net increase (decrease) in net assets resulting from operations | 315,490,410 | (4,176,569) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (78,405,462) | (31,171,888) | ||
Class C | (2,280,902) | (1,047,506) | ||
Administrator Class | (1,513,807) | (1,113,358) | ||
Institutional Class | (10,489,201) | (4,318,998) | ||
Total distributions to shareholders | (92,689,372) | (37,651,750) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 2,163,000 | 37,972,273 | 1,724,961 | 23,395,221 |
Class C | 302,791 | 3,665,611 | 171,525 | 1,707,541 |
Administrator Class | 223,472 | 3,909,027 | 266,990 | 3,760,903 |
Institutional Class | 1,553,730 | 28,178,733 | 1,773,569 | 24,663,966 |
73,725,644 | 53,527,631 | |||
Reinvestment of distributions | ||||
Class A | 4,189,570 | 75,118,993 | 2,378,590 | 30,303,237 |
Class C | 186,253 | 2,279,734 | 107,421 | 999,020 |
Administrator Class | 80,808 | 1,493,323 | 84,495 | 1,104,349 |
Institutional Class | 553,428 | 10,360,173 | 323,832 | 4,268,105 |
89,252,223 | 36,674,711 | |||
Payment for shares redeemed | ||||
Class A | (3,902,978) | (70,093,344) | (5,688,194) | (76,162,836) |
Class C | (451,677) | (5,823,540) | (517,350) | (5,055,114) |
Administrator Class | (758,411) | (11,851,802) | (1,040,848) | (14,045,822) |
Institutional Class | (1,566,683) | (28,632,320) | (1,951,266) | (27,057,139) |
(116,401,006) | (122,320,911) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 46,576,861 | (32,118,569) | ||
Total increase (decrease) in net assets | 269,377,899 | (73,946,888) | ||
Net assets | ||||
Beginning of period | 413,361,238 | 487,308,126 | ||
End of period | $ 682,739,137 | $ 413,361,238 |
Year ended March 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.08 | $13.33 | $14.08 | $10.95 | $9.39 |
Net investment loss | (0.16) | (0.11) | (0.11) | (0.10) 1 | (0.03) 1 |
Net realized and unrealized gains (losses) on investments | 9.44 | (0.01) | 2.06 | 4.20 | 2.17 |
Total from investment operations | 9.28 | (0.12) | 1.95 | 4.10 | 2.14 |
Distributions to shareholders from | |||||
Net realized gains | (2.81) | (1.13) | (2.70) | (0.97) | (0.58) |
Net asset value, end of period | $18.55 | $12.08 | $13.33 | $14.08 | $10.95 |
Total return2 | 77.67% | (1.31)% | 16.80% | 38.41% | 23.55% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.35% | 1.39% | 1.40% | 1.41% | 1.44% |
Net expenses | 1.34% | 1.37% | 1.39% | 1.41% | 1.44% |
Net investment loss | (0.98)% | (0.80)% | (0.77)% | (0.75)% | (0.28)% |
Supplemental data | |||||
Portfolio turnover rate | 146% | 149% | 107% | 109% | 131% |
Net assets, end of period (000s omitted) | $575,422 | $344,949 | $401,990 | $353,552 | $266,329 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended March 31 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $8.80 | $10.09 | $11.38 | $9.06 | $7.92 |
Net investment loss | (0.17) | (0.16) 1 | (0.17) 1 | (0.16) | (0.09) 1 |
Net realized and unrealized gains (losses) on investments | 6.82 | (0.00) 2 | 1.58 | 3.45 | 1.81 |
Total from investment operations | 6.65 | (0.16) | 1.41 | 3.29 | 1.72 |
Distributions to shareholders from | |||||
Net realized gains | (2.81) | (1.13) | (2.70) | (0.97) | (0.58) |
Net asset value, end of period | $12.64 | $8.80 | $10.09 | $11.38 | $9.06 |
Total return3 | 76.67% | (2.15)% | 16.01% | 37.45% | 22.59% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 2.10% | 2.14% | 2.15% | 2.16% | 2.19% |
Net expenses | 2.10% | 2.13% | 2.14% | 2.16% | 2.19% |
Net investment loss | (1.75)% | (1.57)% | (1.52)% | (1.49)% | (1.03)% |
Supplemental data | |||||
Portfolio turnover rate | 146% | 149% | 107% | 109% | 131% |
Net assets, end of period (000s omitted) | $12,017 | $8,035 | $11,615 | $15,932 | $12,827 |
1 | Calculated based upon average shares outstanding |
2 | Amount is more than $(0.005) |
3 | Total return calculations do not include any sales charges. |
Year ended March 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.40 | $13.65 | $14.34 | $11.12 | $9.52 |
Net investment loss | (0.16) | (0.10) 1 | (0.09) 1 | (0.09) 1 | (0.02) |
Net realized and unrealized gains (losses) on investments | 9.70 | (0.02) | 2.10 | 4.28 | 2.20 |
Total from investment operations | 9.54 | (0.12) | 2.01 | 4.19 | 2.18 |
Distributions to shareholders from | |||||
Net realized gains | (2.81) | (1.13) | (2.70) | (0.97) | (0.58) |
Net asset value, end of period | $19.13 | $12.40 | $13.65 | $14.34 | $11.12 |
Total return | 77.92% | (1.28)% | 17.02% | 38.55% | 23.65% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.27% | 1.31% | 1.32% | 1.33% | 1.36% |
Net expenses | 1.27% | 1.28% | 1.29% | 1.32% | 1.33% |
Net investment loss | (0.91)% | (0.71)% | (0.65)% | (0.66)% | (0.17)% |
Supplemental data | |||||
Portfolio turnover rate | 146% | 149% | 107% | 109% | 131% |
Net assets, end of period (000s omitted) | $9,636 | $11,873 | $22,480 | $19,140 | $39,833 |
1 | Calculated based upon average shares outstanding |
Year ended March 31 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $12.51 | $13.73 | $14.37 | $11.12 | $10.42 |
Net investment income (loss) | (0.12) | (0.07) | (0.07) | (0.05) | 0.01 2 |
Net realized and unrealized gains (losses) on investments | 9.81 | (0.02) | 2.13 | 4.27 | 1.27 |
Total from investment operations | 9.69 | (0.09) | 2.06 | 4.22 | 1.28 |
Distributions to shareholders from | |||||
Net realized gains | (2.81) | (1.13) | (2.70) | (0.97) | (0.58) |
Net asset value, end of period | $19.39 | $12.51 | $13.73 | $14.37 | $11.12 |
Total return3 | 78.30% | (1.05)% | 17.25% | 38.91% | 12.97% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.02% | 1.06% | 1.07% | 1.08% | 1.11% |
Net expenses | 1.02% | 1.03% | 1.04% | 1.07% | 1.08% |
Net investment income (loss) | (0.66)% | (0.47)% | (0.42)% | (0.40)% | 0.17% |
Supplemental data | |||||
Portfolio turnover rate | 146% | 149% | 107% | 109% | 131% |
Net assets, end of period (000s omitted) | $85,664 | $48,504 | $51,223 | $27,509 | $19,869 |
1 | For the period from October 31, 2016 (commencement of class operations) to March 31, 2017 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $230,490,999 |
Gross unrealized losses | (4,035,162) |
Net unrealized gains | $226,455,837 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 112,417,031 | $0 | $0 | $ 112,417,031 |
Consumer discretionary | 69,906,608 | 0 | 0 | 69,906,608 |
Health care | 1,189,948 | 0 | 0 | 1,189,948 |
Industrials | 11,592,562 | 0 | 0 | 11,592,562 |
Information technology | 456,292,721 | 0 | 0 | 456,292,721 |
Short-term investments | ||||
Investment companies | 32,924,749 | 0 | 0 | 32,924,749 |
Total assets | $684,323,619 | $0 | $0 | $684,323,619 |
Average daily net assets | Management fee | Rate prior to June 1, 2020 |
First $500 million | 0.850% | 0.880% |
Next $500 million | 0.840 | 0.875 |
Next $1 billion | 0.815 | 0.850 |
Next $2 billion | 0.790 | 0.825 |
Next $1 billion | 0.765 | 0.800 |
Next $5 billion | 0.755 | 0.790 |
Over $10 billion | 0.745 | 0.780 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.35% |
Class C | 2.10 |
Administrator Class | 1.28 |
Institutional Class | 1.03 |
Undistributed ordinary income | Undistributed long-term gain | Unrealized gains |
$59,299,754 | $109,646,975 | $226,441,652 |
Wells Fargo Funds Trust:
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status). | CIGNA Corporation |
Judith M. Johnson (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Michelle Rhee (Born 1966) | Chief Legal Officer, since 2019 | Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018. |
Catherine Kennedy (Born 1969) | Secretary, since 2019 | Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010. |
Michael H. Whitaker (Born 1967) | Chief Compliance Officer, since 2016 | Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016. |
P.O. Box 219967
Kansas City, MO 64121-9967
A317/AR317 03-21
Telecommunications Fund
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
4 | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
5 | The Bloomberg Barclays Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
6 | The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
President
Wells Fargo Funds
Investment objective | The Fund seeks total return, consisting of current income and capital appreciation. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management Incorporated |
Portfolio managers | Kent Newcomb, CFA®‡, Jack Spudich, CFA®‡ |
Average annual total returns (%) as of March 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (EVUAX) | 1-4-1994 | 14.26 | 9.13 | 9.82 | 21.23 | 10.43 | 10.47 | 1.17 | 1.05 | ||
Class C (EVUCX) | 9-2-1994 | 19.34 | 9.60 | 9.64 | 20.34 | 9.60 | 9.64 | 1.92 | 1.80 | ||
Administrator Class (EVUDX) | 7-30-2010 | – | – | – | 21.39 | 10.61 | 10.68 | 1.09 | 0.92 | ||
Institutional Class (EVUYX) | 2-28-1994 | – | – | – | 21.62 | 10.82 | 10.84 | 0.84 | 0.72 | ||
S&P 500 Utilities Index3 | – | – | – | – | 19.42 | 8.92 | 11.27 | – | – | ||
S&P 500 Index4 | – | – | – | – | 56.35 | 16.29 | 13.91 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through July 31, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.05% for Class A, 1.80% for Class C, 0.92% for Adminstrator Class, and 0.72% Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | The S&P 500 Utilities Index is a market-value-weighted index that measures the performance of all stocks within the utilities sector of the S&P 500 Index. You cannot invest directly in an index. |
4 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
1 | The chart compares the performance of Class A shares for the most recent ten years with the S&P 500 Utilities Index and the S&P 500 Index.. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund outperformed its benchmark, the S&P 500 Utilities Index, for the 12-month period that ended March 31, 2021. |
■ | The Fund benefited from stock selection in the utility sector, the allocation to telecommunications companies, and holdings outside of utilities and telecommunications. |
■ | A telecommunication services provider, an electric utility, and a multi-utility were among the holdings that detracted from performance. |
Ten largest holdings (%) as of March 31, 20211 | |
NextEra Energy Incorporated | 12.27 |
Visa Incorporated Class A | 6.03 |
Comcast Corporation Class A | 5.55 |
Dominion Energy Incorporated | 5.33 |
Duke Energy Corporation | 4.78 |
American Electric Power Company Incorporated | 4.60 |
The Southern Company | 4.00 |
Sempra Energy | 3.98 |
Xcel Energy Incorporated | 3.62 |
Exelon Corporation | 3.58 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of March 31, 20211 |
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 10-1-2020 | Ending account value 3-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,088.92 | $5.42 | 1.04% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.75 | $5.24 | 1.04% |
Class C | ||||
Actual | $1,000.00 | $1,084.71 | $9.36 | 1.80% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.96 | $9.05 | 1.80% |
Administrator Class | ||||
Actual | $1,000.00 | $1,089.38 | $4.79 | 0.92% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.34 | $4.63 | 0.92% |
Institutional Class | ||||
Actual | $1,000.00 | $1,090.58 | $3.75 | 0.72% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.34 | $3.63 | 0.72% |
Shares | Value | ||||
Common stocks: 98.69% | |||||
Communication services: 8.68% | |||||
Diversified telecommunication services: 3.13% | |||||
Verizon Communications Incorporated | 235,998 | $ 13,723,284 | |||
Media: 5.55% | |||||
Comcast Corporation Class A | 450,200 | 24,360,322 | |||
Consumer discretionary: 0.66% | |||||
Specialty retail: 0.66% | |||||
The Home Depot Incorporated | 9,418 | 2,874,845 | |||
Consumer staples: 0.51% | |||||
Food & staples retailing: 0.51% | |||||
Walmart Incorporated | 16,335 | 2,218,783 | |||
Energy: 0.67% | |||||
Oil, gas & consumable fuels: 0.67% | |||||
Phillips 66 | 35,880 | 2,925,655 | |||
Financials: 0.71% | |||||
Banks: 0.71% | |||||
JPMorgan Chase & Company | 20,461 | 3,114,778 | |||
Health care: 1.21% | |||||
Biotechnology: 0.54% | |||||
Amgen Incorporated | 9,458 | 2,353,245 | |||
Health care providers & services: 0.67% | |||||
UnitedHealth Group Incorporated | 7,915 | 2,944,934 | |||
Information technology: 11.74% | |||||
Communications equipment: 2.82% | |||||
Cisco Systems Incorporated | 238,967 | 12,356,984 | |||
IT services: 8.92% | |||||
MasterCard Incorporated Class A | 35,630 | 12,686,062 | |||
Visa Incorporated Class A | 125,000 | 26,466,250 | |||
39,152,312 | |||||
Real estate: 1.82% | |||||
Equity REITs: 1.82% | |||||
American Tower Corporation | 33,479 | 8,003,490 | |||
Utilities: 72.69% | |||||
Electric utilities: 43.08% | |||||
Alliant Energy Corporation | 182,865 | 9,903,968 | |||
American Electric Power Company Incorporated | 238,088 | 20,166,054 | |||
Duke Energy Corporation | 217,240 | 20,970,177 | |||
Entergy Corporation | 120,985 | 12,034,378 | |||
Eversource Energy | 126,952 | 10,992,774 | |||
Exelon Corporation | 359,307 | 15,716,088 | |||
FirstEnergy Corporation | 205,868 | 7,141,561 |
Shares | Value | ||||
Electric utilities (continued) | |||||
NextEra Energy Incorporated | 711,832 | $ 53,821,618 | |||
Pinnacle West Capital Corporation | 58,794 | 4,782,892 | |||
The Southern Company | 282,021 | 17,530,425 | |||
Xcel Energy Incorporated | 238,866 | 15,886,978 | |||
188,946,913 | |||||
Gas utilities: 3.21% | |||||
Atmos Energy Corporation | 97,312 | 9,619,291 | |||
ONE Gas Incorporated | 58,135 | 4,471,163 | |||
14,090,454 | |||||
Multi-utilities: 24.10% | |||||
Ameren Corporation | 133,679 | 10,876,123 | |||
CenterPoint Energy Incorporated | 210,396 | 4,765,469 | |||
CMS Energy Corporation | 208,002 | 12,733,882 | |||
Dominion Energy Incorporated | 307,461 | 23,354,738 | |||
DTE Energy Company | 97,879 | 13,031,610 | |||
Public Service Enterprise Group Incorporated | 158,388 | 9,536,541 | |||
Sempra Energy | 131,761 | 17,468,873 | |||
WEC Energy Group Incorporated | 149,041 | 13,948,747 | |||
105,715,983 | |||||
Water utilities: 2.30% | |||||
American Water Works Company Incorporated | 67,273 | 10,085,568 | |||
Total Common stocks (Cost $272,775,032) | 432,867,550 |
Yield | |||||
Short-term investments: 1.33% | |||||
Investment companies: 1.33% | |||||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03% | 5,837,687 | 5,837,687 | ||
Total Short-term investments (Cost $5,837,687) | 5,837,687 | ||||
Total investments in securities (Cost $278,612,719) | 100.02% | 438,705,237 | |||
Other assets and liabilities, net | (0.02) | (88,300) | |||
Total net assets | 100.00% | $438,616,937 |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | % of net assets | Shares, end of period | Income from affiliated securities | |
Short-term investments | |||||||||
Investment companies | |||||||||
Wells Fargo Government Money Market Fund Select Class | $9,586,236 | $63,174,419 | $(66,922,968) | $0 | $0 | $5,837,687 | 1.33% | 5,837,687 | $11,351 |
Assets | |
Investments in unaffiliated securities, at value (cost $272,775,032) | $ 432,867,550 |
Investments in affiliated securites, at value (cost $5,837,687) | 5,837,687 |
Receivable for dividends | 369,579 |
Receivable for Fund shares sold | 284,428 |
Prepaid expenses and other assets | 22,595 |
Total assets | 439,381,839 |
Liabilities | |
Payable for Fund shares redeemed | 311,458 |
Management fee payable | 192,296 |
Shareholder servicing fees payable | 76,658 |
Administration fees payable | 71,237 |
Distribution fee payable | 3,978 |
Trustees’ fees and expenses payable | 1,837 |
Accrued expenses and other liabilities | 107,438 |
Total liabilities | 764,902 |
Total net assets | $438,616,937 |
Net assets consist of | |
Paid-in capital | $ 230,094,720 |
Total distributable earnings | 208,522,217 |
Total net assets | $438,616,937 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 363,540,124 |
Shares outstanding – Class A1 | 16,935,040 |
Net asset value per share – Class A | $21.47 |
Maximum offering price per share – Class A2 | $22.78 |
Net assets – Class C | $ 6,378,871 |
Shares outstanding – Class C1 | 295,776 |
Net asset value per share – Class C | $21.57 |
Net assets – Administrator Class | $ 3,054,069 |
Shares outstanding – Administrator Class1 | 142,008 |
Net asset value per share – Administrator Class | $21.51 |
Net assets – Institutional Class | $ 65,643,873 |
Shares outstanding – Institutional Class1 | 3,059,593 |
Net asset value per share – Institutional Class | $21.46 |
1 | The Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends | $ 11,126,423 |
Income from affiliated securities | 11,351 |
Total investment income | 11,137,774 |
Expenses | |
Management fee | 2,759,971 |
Administration fees | |
Class A | 737,133 |
Class C | 19,049 |
Administrator Class | 3,624 |
Institutional Class | 80,258 |
Shareholder servicing fees | |
Class A | 876,592 |
Class C | 22,621 |
Administrator Class | 6,968 |
Distribution fee | |
Class C | 67,681 |
Custody and accounting fees | 22,556 |
Professional fees | 54,885 |
Registration fees | 64,507 |
Shareholder report expenses | 59,420 |
Trustees’ fees and expenses | 19,425 |
Other fees and expenses | 22,507 |
Total expenses | 4,817,197 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (476,829) |
Class A | (51,771) |
Administrator Class | (1,547) |
Institutional Class | (3,355) |
Net expenses | 4,283,695 |
Net investment income | 6,854,079 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 48,447,575 |
Net change in unrealized gains (losses) on investments | 24,852,185 |
Net realized and unrealized gains (losses) on investments | 73,299,760 |
Net increase in net assets resulting from operations | $80,153,839 |
Year ended March 31, 2021 | Year ended March 31, 2020 | |||
Operations | ||||
Net investment income | $ 6,854,079 | $ 6,079,299 | ||
Net realized gains on investments | 48,447,575 | 107,932,321 | ||
Net change in unrealized gains (losses) on investments | 24,852,185 | (112,272,968) | ||
Net increase in net assets resulting from operations | 80,153,839 | 1,738,652 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (45,244,979) | (59,011,968) | ||
Class C | (911,494) | (2,071,360) | ||
Administrator Class | (364,999) | (410,715) | ||
Institutional Class | (8,269,341) | (7,898,292) | ||
Total distributions to shareholders | (54,790,813) | (69,392,335) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 1,290,321 | 28,237,989 | 1,235,048 | 30,602,718 |
Class C | 49,123 | 1,078,714 | 93,556 | 2,314,593 |
Administrator Class | 57,401 | 1,245,633 | 71,896 | 1,729,978 |
Institutional Class | 2,239,542 | 48,698,035 | 1,042,340 | 25,254,377 |
79,260,371 | 59,901,666 | |||
Reinvestment of distributions | ||||
Class A | 2,051,387 | 42,893,752 | 2,496,180 | 55,793,949 |
Class C | 43,020 | 901,317 | 87,166 | 1,946,331 |
Administrator Class | 17,204 | 360,586 | 17,987 | 404,412 |
Institutional Class | 391,341 | 8,188,340 | 348,289 | 7,791,650 |
52,343,995 | 65,936,342 | |||
Payment for shares redeemed | ||||
Class A | (2,217,981) | (47,844,571) | (1,981,491) | (47,385,438) |
Class C | (303,611) | (6,751,214) | (488,785) | (12,192,401) |
Administrator Class | (53,680) | (1,165,354) | (188,987) | (4,741,722) |
Institutional Class | (1,845,506) | (40,399,867) | (883,133) | (21,243,556) |
(96,161,006) | (85,563,117) | |||
Net increase in net assets resulting from capital share transactions | 35,443,360 | 40,274,891 | ||
Total increase (decrease) in net assets | 60,806,386 | (27,378,792) | ||
Net assets | ||||
Beginning of period | 377,810,551 | 405,189,343 | ||
End of period | $438,616,937 | $ 377,810,551 |
Year ended March 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $20.19 | $24.03 | $20.46 | $20.01 | $18.70 |
Net investment income | 0.34 | 0.34 | 0.32 | 0.34 | 0.35 |
Net realized and unrealized gains on investments | 3.82 | 0.02 | 3.65 | 0.47 | 1.30 |
Total from investment operations | 4.16 | 0.36 | 3.97 | 0.81 | 1.65 |
Distributions to shareholders from | |||||
Net investment income | (0.35) | (0.34) | (0.34) | (0.36) | (0.34) |
Net realized gains | (2.53) | (3.86) | (0.06) | 0.00 | 0.00 |
Total distributions to shareholders | (2.88) | (4.20) | (0.40) | (0.36) | (0.34) |
Net asset value, end of period | $21.47 | $20.19 | $24.03 | $20.46 | $20.01 |
Total return1 | 21.23% | 0.04% | 19.59% | 4.00% | 8.87% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.17% | 1.17% | 1.19% | 1.17% | 1.18% |
Net expenses | 1.04% | 1.09% | 1.14% | 1.14% | 1.14% |
Net investment income | 1.58% | 1.42% | 1.47% | 1.60% | 1.79% |
Supplemental data | |||||
Portfolio turnover rate | 20% | 49% | 10% | 7% | 22% |
Net assets, end of period (000s omitted) | $363,540 | $319,200 | $337,848 | $287,047 | $308,152 |
1 | Total return calculations do not include any sales charges. |
Year ended March 31 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $20.25 | $24.06 | $20.47 | $20.01 | $18.70 |
Net investment income | 0.17 1 | 0.16 1 | 0.16 1 | 0.13 | 0.16 |
Net realized and unrealized gains on investments | 3.85 | 0.01 | 3.63 | 0.52 | 1.34 |
Total from investment operations | 4.02 | 0.17 | 3.79 | 0.65 | 1.50 |
Distributions to shareholders from | |||||
Net investment income | (0.17) | (0.12) | (0.14) | (0.19) | (0.19) |
Net realized gains | (2.53) | (3.86) | (0.06) | 0.00 | 0.00 |
Total distributions to shareholders | (2.70) | (3.98) | (0.20) | (0.19) | (0.19) |
Net asset value, end of period | $21.57 | $20.25 | $24.06 | $20.47 | $20.01 |
Total return2 | 20.34% | (0.73)% | 18.65% | 3.24% | 8.04% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.91% | 1.92% | 1.94% | 1.92% | 1.93% |
Net expenses | 1.80% | 1.86% | 1.89% | 1.89% | 1.89% |
Net investment income | 0.80% | 0.63% | 0.74% | 0.85% | 1.02% |
Supplemental data | |||||
Portfolio turnover rate | 20% | 49% | 10% | 7% | 22% |
Net assets, end of period (000s omitted) | $6,379 | $10,274 | $19,618 | $41,729 | $51,123 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended March 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $20.22 | $24.05 | $20.48 | $20.03 | $18.72 |
Net investment income | 0.37 | 0.36 | 0.36 | 0.37 | 0.38 |
Net realized and unrealized gains on investments | 3.83 | 0.04 | 3.65 | 0.48 | 1.30 |
Total from investment operations | 4.20 | 0.40 | 4.01 | 0.85 | 1.68 |
Distributions to shareholders from | |||||
Net investment income | (0.38) | (0.37) | (0.38) | (0.40) | (0.37) |
Net realized gains | (2.53) | (3.86) | (0.06) | 0.00 | 0.00 |
Total distributions to shareholders | (2.91) | (4.23) | (0.44) | (0.40) | (0.37) |
Net asset value, end of period | $21.51 | $20.22 | $24.05 | $20.48 | $20.03 |
Total return | 21.39% | 0.20% | 19.80% | 4.21% | 9.04% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.09% | 1.09% | 1.11% | 1.09% | 1.10% |
Net expenses | 0.92% | 0.94% | 0.95% | 0.95% | 0.95% |
Net investment income | 1.70% | 1.49% | 1.66% | 1.80% | 1.93% |
Supplemental data | |||||
Portfolio turnover rate | 20% | 49% | 10% | 7% | 22% |
Net assets, end of period (000s omitted) | $3,054 | $2,449 | $5,296 | $4,702 | $5,168 |
Year ended March 31 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $20.18 | $24.01 | $20.45 | $20.00 | $18.69 |
Net investment income | 0.43 | 0.44 | 0.41 | 0.41 | 0.42 |
Net realized and unrealized gains on investments | 3.80 | 0.01 | 3.62 | 0.47 | 1.30 |
Total from investment operations | 4.23 | 0.45 | 4.03 | 0.88 | 1.72 |
Distributions to shareholders from | |||||
Net investment income | (0.42) | (0.42) | (0.41) | (0.43) | (0.41) |
Net realized gains | (2.53) | (3.86) | (0.06) | 0.00 | 0.00 |
Total distributions to shareholders | (2.95) | (4.28) | (0.47) | (0.43) | (0.41) |
Net asset value, end of period | $21.46 | $20.18 | $24.01 | $20.45 | $20.00 |
Total return | 21.62% | 0.42% | 20.03% | 4.38% | 9.26% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.84% | 0.84% | 0.86% | 0.84% | 0.85% |
Net expenses | 0.72% | 0.75% | 0.78% | 0.78% | 0.78% |
Net investment income | 1.92% | 1.76% | 1.83% | 1.95% | 2.18% |
Supplemental data | |||||
Portfolio turnover rate | 20% | 49% | 10% | 7% | 22% |
Net assets, end of period (000s omitted) | $65,644 | $45,888 | $42,427 | $31,548 | $24,575 |
Gross unrealized gains | $164,306,504 |
Gross unrealized losses | (4,236,700) |
Net unrealized gains | $160,069,804 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 38,083,606 | $0 | $0 | $ 38,083,606 |
Consumer discretionary | 2,874,845 | 0 | 0 | 2,874,845 |
Consumer staples | 2,218,783 | 0 | 0 | 2,218,783 |
Energy | 2,925,655 | 0 | 0 | 2,925,655 |
Financials | 3,114,778 | 0 | 0 | 3,114,778 |
Health care | 5,298,179 | 0 | 0 | 5,298,179 |
Information technology | 51,509,296 | 0 | 0 | 51,509,296 |
Real estate | 8,003,490 | 0 | 0 | 8,003,490 |
Utilities | 318,838,918 | 0 | 0 | 318,838,918 |
Short-term investments | ||||
Investment companies | 5,837,687 | 0 | 0 | 5,837,687 |
Total assets | $438,705,237 | $0 | $0 | $438,705,237 |
Average daily net assets | Management fee |
First $500 million | 0.650% |
Next $500 million | 0.600 |
Next $1 billion | 0.550 |
Next $2 billion | 0.525 |
Next $1 billion | 0.500 |
Next $5 billion | 0.490 |
Over $10 billion | 0.480 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.05% |
Class C | 1.80 |
Administrator Class | 0.92 |
Institutional Class | 0.72 |
Year ended March 31 | ||
2021 | 2020 | |
Ordinary income | $ 7,384,043 | $ 6,071,815 |
Long-term capital gain | 47,406,770 | 63,320,520 |
Undistributed ordinary income | Undistributed long-term gain | Unrealized gains |
$10,948 | $48,447,438 | $160,069,804 |
Wells Fargo Funds Trust:
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status). | CIGNA Corporation |
Judith M. Johnson (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Michelle Rhee (Born 1966) | Chief Legal Officer, since 2019 | Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018. |
Catherine Kennedy (Born 1969) | Secretary, since 2019 | Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010. |
Michael H. Whitaker (Born 1967) | Chief Compliance Officer, since 2016 | Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016. |
P.O. Box 219967
Kansas City, MO 64121-9967
A318/AR318 03-21
ITEM 2. | CODE OF ETHICS |
(a) As of the end of the period covered by the report, Wells Fargo Funds Trust has adopted a code of ethics that applies to its President and Treasurer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
(c) During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) above.
(d) During the period covered by this report, there were no implicit or explicit waivers to the provisions of the code of ethics adopted in Item 2(a) above.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
The Board of Trustees of Wells Fargo Funds Trust has determined that Judith Johnson is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mrs. Johnson is independent for purposes of Item 3 of Form N-CSR.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
(a), (b), (c), (d) The following table presents aggregate fees billed in each of the last two fiscal years for services rendered to the Registrant by the Registrant’s principal accountant. These fees were billed to the registrant and were approved by the Registrant’s audit committee.
Fiscal year ended March 31, 2021 | Fiscal year ended March 31, 2020 | |||||||
Audit fees | $ | 228,820 | $ | 230,650 | ||||
Audit-related fees | — | — | ||||||
Tax fees (1) | 33,000 | 32,250 | ||||||
All other fees | — | — | ||||||
|
|
|
| |||||
$ | 261,820 | $ | 262,900 | |||||
|
|
|
|
(1) | Tax fees consist of fees for tax compliance, tax advice, tax planning and excise tax. |
(e) The Chair of the Audit Committees is authorized to pre-approve: (1) audit services for the mutual funds of Wells Fargo Funds Trust; (2) non-audit tax or compliance consulting or training services provided to the Funds by the independent auditors (“Auditors”) if the fees for any particular engagement are not anticipated to exceed $50,000; and (3) non-audit tax or compliance consulting or training services provided by the Auditors to a Fund’s investment adviser and its controlling entities (where pre-approval is required because the engagement relates directly to the operations and financial reporting of the Fund) if the fee to the Auditors for any particular engagement is not anticipated to exceed $50,000. For any such pre-approval sought from the Chair, Management shall prepare a brief description of the proposed services.
If the Chair approves of such service, he or she shall sign the statement prepared by Management. Such written statement shall be presented to the full Committees at their next regularly scheduled meetings.
(f) Not applicable
(g) Not applicable
(h) Not applicable
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS |
Not applicable.
ITEM 6. | INVESTMENTS |
A Portfolio of Investments for each series of Wells Fargo Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS |
Not applicable.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.
ITEM 11. | CONTROLS AND PROCEDURES |
(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.
(b) There were no significant changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the most recent fiscal half-year of
the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 12. | DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
ITEM 13. | EXHIBITS |
(a)(1) Code of Ethics.
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Wells Fargo Funds Trust | ||
By: | ||
/s/ Andrew Owen | ||
Andrew Owen | ||
President | ||
Date: | May 26, 2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.
Wells Fargo Funds Trust | ||
By: | ||
/s/ Andrew Owen | ||
Andrew Owen | ||
President | ||
Date: | May 26, 2021 |
By: | ||
/s/Jeremy DePalma | ||
Jeremy DePalma | ||
Treasurer | ||
Date: | May 26, 2021 |